First Abu Dhabi Bank posts $697.5m Q2 net profit
27 Jul 2017 - 0:26
Abu Dhabi: First Abu Dhabi Bank, created by a merger of National Bank of Abu Dhabi and First Gulf Bank, has reported a net profit of AED2.56bn ($697.5m) for the second quarter.
Based on a “pro-forma” basis, the net profit was down from 2.68 billion dirhams from a year earlier, primarily due to slower business momentum.
This is the first combined results of Abu Dhabi’s two biggest banks, First Gulf Bank and National Bank of Abu Dhabi, after their merger in April to create one of the largest banks in the Middle East and Africa.
EFG Hermes had projected a profit of AED2.57bn for the combined bank.