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Wednesday, 26 October 2016

Earnings at NBAD hold steady as FGB profits in third quarter | The National

Earnings at NBAD hold steady as FGB profits in third quarter | The National:

"National Bank of Abu Dhabi (NBAD) and FGB, set to complete a merger by next year, both revealed in third-quarter earnings yesterday that their core business of lending remained steady despite the slowdown in economic growth gripping the country.

While FGB reported a 31 per cent gain in profit for the quarter on the back of strong revenue from non-core businesses, NBAD said its profit was unchanged as a gain in fees and commissions was outweighed by a slight drop in income from loans.


"We achieved this performance during a period of seasonal slowdown and ongoing challenging market conditions, while we continued to maintain expense discipline along with strong capital and liquidity positions," said Abhijit Choudhury, the bank’s acting chief executive."



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