National Bank of Abu Dhabi (NBAD), the second-largest bank in the country by assets, saw its profits fall by 34 per cent in the fourth quarter of last year, compared with the same period in 2007.
Local banks have been expected to report a drop in earnings for the final quarter of last year, following provisions taken on deteriorating loans and losses relating to the financial crisis. Although NBAD’s net profits took a hit during the quarter, dropping to Dh492 million (US$133.9m) from Dh744m in 2007, the bank’s annual net profit increased by 20.5 per cent to Dh3 billion.
“NBAD is an active international bank and we are not immune from world events. The liquidity tightness in the UAE has yet to have its full effect on the real economy. We therefore expect a difficult 2009,” said the bank’s chief executive, Michael Tomalin.
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