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DUBAI, Oct 26 (Reuters) - National Bank of Abu Dhabi
NBAD.AD
, the emirate's largest lender by assets, on Wednesday posted flat growth in third-quarter net profit, broadly meeting analysts forecasts.
NBAD, which is currently in a merger process with rival First Gulf Bank
FGB.AD
, made a net profit of 1.32 billion dirhams ($359.4 million) in the three months ending Sept. 30, according to a statement.
This compared to 1.33 billion dirhams in the same period a year earlier, while the average forecast of three analysts polled by Reuters was for a net profit in the quarter of 1.38 billion dirhams.
Merging NBAD and FGB, as recommended by the boards of the two lenders in July, would create one of the largest banks by assets in the Middle East and Africa. The deal is expected to be completed in the first quarter of 2017.
($1 = 3.6726 UAE dirham)
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
NBAD, which is currently in a merger process with rival First Gulf Bank
This compared to 1.33 billion dirhams in the same period a year earlier, while the average forecast of three analysts polled by Reuters was for a net profit in the quarter of 1.38 billion dirhams.
Merging NBAD and FGB, as recommended by the boards of the two lenders in July, would create one of the largest banks by assets in the Middle East and Africa. The deal is expected to be completed in the first quarter of 2017.
($1 = 3.6726 UAE dirham)
(Reporting by Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
