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
Company%20Profile
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
The biog
Marital status: Separated with two young daughters
Education: Master's degree from American Univeristy of Cairo
Favourite book: That Is How They Defeat Despair by Salwa Aladian
Favourite Motto: Their happiness is your happiness
Goal: For Nefsy to become his legacy long after he is gon
Company%20Profile
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
Best piece of advice to someone looking for a career at Google?
If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Tom Fletcher on 'soft power'