NBAD Second-Quarter Profit Climbs 16% as U.A.E. Lending Picks Up - Bloomberg

NBAD Second-Quarter Profit Climbs 16% as U.A.E. Lending Picks Up - Bloomberg:

"National Bank of Abu Dhabi PJSC reported a 16 percent increase in second-quarter profit as the lender benefited from a recovery in the United Arab Emirates.
Net income rose to 1.21 billion dirhams ($330 million) from 1.05 billion dirhams a year earlier, the bank said in a statement. The mean estimate of six analysts was for a profit of 1.27 billion dirhams, according to a data compiled by Bloomberg.
Banks in the U.A.E. are recovering from a real-estate crash in Abu Dhabi and Dubai after the 2008 global credit crisis triggered an increase in debt defaults. NBAD, which hired Alex Thursby from Australia & New Zealand Banking Group Ltd. (ANZ) as the chief executive officer, reported results after Emirates NBD PJSC, (EMIRATES) Dubai’s biggest lender, posted a 50 percent jump in profit. Thursby started at the bank this month."

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