NBAD records 13 percent drop in Q4 profit

National Bank of Abu Dhabi (NBAD) announced net profits of AED429 million for the fourth quarter of 2009, a 13 percent drop compared to the same period a year ago. The bank said that net income during the period fell because NBAD made impairment provisions of AED623 million. However, the bank’s full-year profits remained almost unchanged at AED3.02 billion, compared to AED3.019 million in 2008.

“Although we expect 2010 to be another difficult year for banking, NBAD is well positioned to invest and grow organically,” Michael Tomalin, NBAD’s CEO said in a statement. “Despite difficult market conditions and flat net earnings in 2009, NBAD achieved a 20 percent return on equity.”