Difficult market conditions do not seem to be a problem for National Bank of Abu Dhabi (NBAD), which beat analyst forecasts for the second quarter in a row.
Investors pushed the share price up 2.2 per cent to Dh11.25 at the close yesterday. NBAD shares are 15.6 per cent higher than their 52-week low in December and have added more than 12 per cent since the start of last month.
The lender, Abu Dhabi's biggest by market capitalisation, released earnings after the market close on Tuesday saying its second-quarter net profit reached Dh1 billion, an increase of 10 per cent from a year ago.
Credit Suisse analysts had pencilled in a net profit of Dh967 million, while EFG-Hermes was expecting the bank to post Dh907m. The robust results also outperformed Shuaa Capital's expectation of Dh875m.
The significant deviation from Shuaa's estimate mainly stemmed from "improved interest margins and lower than expected cost of risk", said Sofia el Boury, the banking analyst at Shuaa Capital, in a note to investors.
"NBAD is one of our favourite picks in the region," Ms el Boury said, adding the current prices suggested further improvement.
The bank's first-half net earnings stood at Dh2bn, 21.1 per cent higher than the Dh1.6bn reported for the first half of last year.
"These are a strong set of results in difficult markets reflecting the resilience and strength of the bank," said Michael Tomalin, the chief executive of NBAD.
Analysts at Credit Suisse said although there was some acceleration in non-performing loans NBAD remained the least affected among local peers at just 1.5 per cent of the total loans.
The bank also has the lowest exposure to Dubai World among the top UAE banks, Credit Suisse said in a note yesterday. The Swiss lender said the investment case was supportive of stronger share performance and it maintained its "outperform" rating. Credit Suisse suggested a target price of Dh19, close to 70 per cent above its current price.
skhan@thenational.ae
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
AT%20A%20GLANCE
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Final round
25 under - Antoine Rozner (FRA)
23 - Francesco Laporta (ITA), Mike Lorenzo-Vera (FRA), Andy Sullivan (ENG), Matt Wallace (ENG)
21 - Grant Forrest (SCO)
20 - Ross Fisher (ENG)
19 - Steven Brown (ENG), Joakim Lagergren (SWE), Niklas Lemke (SWE), Marc Warren (SCO), Bernd Wiesberger (AUT)
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The biog
Name: Capt Shadia Khasif
Position: Head of the Criminal Registration Department at Hatta police
Family: Five sons and three daughters
The first female investigator in Hatta.
Role Model: Father
She believes that there is a solution to every problem
The biog
Name: Dr Lalia Al Helaly
Education: PhD in Sociology from Cairo
Favourite authors: Elif Shafaq and Nizar Qabbani.
Favourite music: classical Arabic music such as Um Khalthoum and Abdul Wahab,
She loves the beach and advises her clients to go for meditation.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
