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DUBAI, Jan 31 (Reuters) - National Bank of Abu Dhabi
NBAD.AD
, the emirate's largest lender by assets, on Tuesday posted a 28 percent rise in fourth quarter profit, in line with analysts' forecasts.
NBAD, which is currently in a merger process with rival First Gulf Bank
FGB.AD
, made a net profit of 1.33 billion dirham ($362.1 million) in the three months ending Dec. 31, according to a statement.
This compared to 1.04 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 1.28 billion dirhams.
The board proposed a cash dividend of 0.45 dirhams per share for the year 2016, the same as the payout for 2015. ($1 = 3.6726 UAE dirham)
(Reporting By Tom Arnold; Editing by Keith Weir) ((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 1.04 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 1.28 billion dirhams.
The board proposed a cash dividend of 0.45 dirhams per share for the year 2016, the same as the payout for 2015. ($1 = 3.6726 UAE dirham)
(Reporting By Tom Arnold; Editing by Keith Weir) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
