National Bank of Abu Dhabi (NBAD), one of the UAE’s largest lenders, has reported a 9.1 per cent increase in profits for the third quarter of the year compared with the same period of last year.
The bank said that profit hit AED1.12bn, driven by a 28.1 per cent increase in non-interest income that was primarily the result of gains in investment income.
Investment income rose to AED190.7m, from a loss of AED27.8m last year. The bank said that impairment charges for bad loans were AED971m for the first nine months of the year, compared with AED1bn in the same period of 2011. Non-performing loans rose to AED5.6bn.