Abu Dhabi Shares Snap Three-Day Drop, Led by NBAD on Earnings - Bloomberg

Abu Dhabi shares advanced, snapping a three-day decline, after the United Arab Emirates second- largest bank by assets, National Bank of Abu Dhabi PJSC (NBAD), posted second-quarter earnings that topped analysts’ estimates.

National Bank of Abu Dhabi rallied the most in more than a month after profit rose 2.5 percent in the quarter. Abu Dhabi Islamic Bank (ADIB) PJSC, the U.A.E.’s second-biggest bank complying with Shariah rules, advanced 1.8 percent. The ADX General Index (ADSMI) increased 0.2 percent to 2,693.27 at the 2 p.m. close in Abu Dhabi, paring its loss for the week to 1.2 percent. The Bloomberg GCC 200 Index (BGCC200) gained 0.2 percent.

NBAD results “beat consensus with positive surprise on loan growth,” said Hassan El Salah, head of institutional equities at Al Ramz Securities LLC, an Abu Dhabi-based brokerage. “The shares are likely to do well going forward.”

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