National Bank of Abu Dhabi PJSC, the United Arab Emirates’ second-biggest lender by assets, plans to sell bonds after reporting a higher-than-expected increase in fourth-quarter profit.
Net income rose to 1.12 billion dirhams ($305 million) from 724 million dirhams a year earlier, the Abu Dhabi-based bank said today in a statement. That beat the median 878 million- dirham estimate of six analysts surveyed by Bloomberg. Full-year profit climbed 17 percent to 4.3 billion dirhams, it said.
“Our growth was a result of the success of our diversified business model, investment gains driven by favorable financial market conditions and successful hedging strategies,” Chief Executive Officer Michael Tomalin said in the statement.
National Bank of Abu Dhabi Plans Bonds Sales as Net Climbs 55% - Bloomberg
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