Two of Abu Dhabi's biggest banks reported a sharp rise in profits for the first quarter, bucking expectations of a slowdown in earnings as lending cools.
National Bank of Abu Dhabi (NBAD), the capital's biggest lender, generated net profits of Dh1.04 billion (US$3.82bn) during the first quarter, an increase of 12.2 per cent compared with the same period a year earlier. The results edged past analysts' estimates of Dh1.01bn.
Meanwhile, Abu Dhabi Commercial Bank (ADCB) generated quarterly profits of Dh802 million, reporting a 38 per cent increase in net profits compared with a year ago and beating analysts' estimates of Dh612m.
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