NBAD, majority-owned by the Abu Dhabi government, made a net profit of AED1.03 billion ($280.4 million)in the third quarter, compared with AED919.75 million year-ago, a statement from the bank said.
Net foreign exchange gains for the quarter amounted to AED206.6 million, against AED66.3 million a year earlier, the statement showed.
Analysts forecast an average profit of AED996.71 million in a Reuters poll earlier this month.
“NBAD has delivered healthy profits on the back of strong and prudent balance sheet growth in a year characterized by multiple economic and political challenges,” Nasser Al-Sowaidi, chairman said in the statement.
Net impairment charges were AED321 million for the third quarter including additional collective provision of AED87 million. That compared with AED319.5 million for the year-ago period.
Non-performing loans increased to AED4.53 billion representing 2.83 percent of the loan book.
NBAD, the first Gulf bank to tap Samurai bonds, expects non-performing loans (NPLs) to spike in 2011 but sees its lending surpassing the market growth rate, its chief executive told Reuters in July.
Loans and advances continued to grow in the third quarter of 2011 by another 1.9 percent to AED155.8 billion, up 13.9 percent from December 31, 2010.
Net profit for the nine-month period was AED2.98 billion, up 1.1 percent over the same period last year.
NBAD shares were halted for trading on Sunday prior to the announcement of results.
They have gained 4 percent year-to-date.
