Abu Dhabi: The National Bank of Abu Dhabi (NBAD) reported on Wednesday flat year-on-year earnings for the third quarter of 2016, with net profits for the period at Dh1.32 billion.
The figure brings net profit for the first nine months of this year to nearly Dh4 billion – down 5.4 per cent from the Dh4.2 billion recorded in the same time last year.
Meanwhile, NBAD’s total revenues for Q3 were Dh2.7 billion (up 3.4 per cent compared to Q3 2015), as revenues for the first nine months reached Dh8.1 billion, a 1.2 per cent year-on-year increase.
“NBAD continues to perform well, with strong underlying growth and disciplined cost management being the two highlights this quarter. Our merger with FGB is progressing well. A new leadership team has been appointed for the combined bank, and we are beginning to put in place the strategy which will ensure continued growth and enhanced value for all of NBAD’s stakeholders going forward,” said Nasser Alsowaidi, chairman of NBAD.
In June this year, NBAD and First Gulf Bank (FGB) announced they were in talks on a potential merger between the two banks in a move that will create the largest bank in the Middle East and North Africa, with Dh642 billion in total assets.
The boards of directors of both banks have since approved the merger, which is expected to happen in the first quarter of 2017.