National Bank of Abu Dhabi’s Q4 net profit falls 25% to AED 1 bln

National Bank of Abu Dhabi (NBAD), the United Arab Emirates’ (UAE) largest lender by assets, on Wednesday reported a Q4-2015 net profit of AED 1.04 billion, marking a 24.5 percent drop year-on-year (YOY).

Net profit for the 2015 fiscal year fell six percent YOY to AED 5.23 billion, the bank added in a statement to Abu Dhabi Securities Exchange (ADX).

Non-performing loans (NPLs) decreased by AED 328 million to AED 5.833 billion in 2015, with the NPL ratio at 2.76 percent of the loan book. Provisions declined three percent YoY to AED 6.1 billion, accounting for 105 percent of NPLs.

Assets hit a record at AED 407 billion for 2015, growing 0.5 percent on quarter and 8.1 percent YOY.

The board proposed a cash dividend of AED 0.4 per share for the 2015 fiscal year.