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Wednesday, 1 February 2017

MIDEAST STOCKS-Top banks weigh on Abu Dhabi, other Gulf markets move little | Reuters

MIDEAST STOCKS-Top banks weigh on Abu Dhabi, other Gulf markets move little | Reuters:

"Shares in two of Abu Dhabi's top banks fell on Wednesday after fourth-quarter earnings, while other Middle East markets hardly moved as global equities and oil prices offered little positive impetus.

National Bank of Abu Dhabi (NBAD) slid 5.0 percent after posting a fourth-quarter net profit of 1.33 billion dirhams ($362 million), up 28 percent from the prior-year period and broadly in line with analysts' forecasts. NBAD's board proposed an unchanged cash dividend for 2016.

Abu Dhabi Commercial Bank lost 2.2 percent after announcing a 16 percent fall in profit to 1.0 billion dirhams. Three analysts had on average forecast a profit of 979 million dirhams.

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