PHOTO
ABU DHABI, Jan 27 (Reuters) - National Bank of Abu Dhabi expects little further outflow of government deposits, the chief executive of the largest lender by assets in the United Arab Emirates said on Wednesday.
"We've seen some stability in the last three to four months and expect little outflow of government deposits," said Alex Thursby on a media conference call.
NBAD was hit hard in the second and third quarters by government deposit outflows, as the UAE sought to remedy the impact of lower oil prices on its state finances by drawing on reserves placed with local banks.
Thursby was speaking after the bank reported a 24.5 percent drop in fourth-quarter net profit, hit by higher provisions and lower revenues.
He also said on the conference call that the bank expected low single-digit revenue growth in 2016 and "moderate to good" loan growth, without giving any figures.
(Reporting by Stanley Carvalho and Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
"We've seen some stability in the last three to four months and expect little outflow of government deposits," said Alex Thursby on a media conference call.
NBAD was hit hard in the second and third quarters by government deposit outflows, as the UAE sought to remedy the impact of lower oil prices on its state finances by drawing on reserves placed with local banks.
Thursby was speaking after the bank reported a 24.5 percent drop in fourth-quarter net profit, hit by higher provisions and lower revenues.
He also said on the conference call that the bank expected low single-digit revenue growth in 2016 and "moderate to good" loan growth, without giving any figures.
(Reporting by Stanley Carvalho and Tom Arnold; Editing by David French) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
