Wednesday 2 February 2011

UPDATE 2-Profit up at top UAE bank NBAD, sees 'tricky' 2011 | Reuters

National Bank of Abu Dhabi (NBAD.AD) (NBAD), the United Arab Emirates' largest lender by market value, forecast a "tricky" year ahead after posting a 71 percent rise in quarterly profit.

The bank, which has exposure of about $400 million to Egyptian entities, said provisions would weigh on earnings growth.

NBAD booked net impairment charges of 1.20 billion dirhams ($326.7 million) last year while non-performing loans stood at 3.2 billion dirhams, or 2.3 percent of NBAD's loan book.

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