National Bank of Abu Dhabi PJSC (NBAD) posted a 1 percent decline in fourth-quarter profit, missing analyst estimates, as expenses rose and the lender set aside more money to cover bad loans. It raised dividend payouts.
Net income dropped to 724 million dirhams ($197 million) from 732 million dirhams a year ago, the United Arab Emirates’ second-biggest bank said in an e-mailed statement today. The median estimate of three analysts was for a profit of 897 million dirhams, according to data compiled by Bloomberg.
The bank was hurt “by the Arab Spring, low interest rates and the Euro crisis,” Chief Executive Officer Michael Tomalin said. “Net earnings have remained steady” despite higher provisions for loan losses, he said.
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