National Bank of Abu Dhabi : NBAD Reports 4Q / FY 2016 Results

H.E. Nasser Alsowaidi, Chairman of NBAD, said: '2016 was a solid year for NBAD. The bank generated top and bottom line growth in difficult market conditions and, in doing so, laid the foundations for the transformational merger with FGB.

In addition to enhancing our revenue generating capabilities and carefully managing expenses, we maintained our strong balance sheet and capital position, which allowed the bank to consistently deliver value for our shareholders throughout the year.

As ever, our foremost priority in 2016 was meeting the needs of our customers at home and in our international markets. Merging with FGB in the early part of 2017 will bring an even wider range of products, services and opportunities for our customers, and we are grateful to them for their support and patience as we work toward creating the UAE's champion bank.'

Abhijit Choudhury, Acting Group Chief Executive, said: 'From both a full-year and fourth quarter perspective, it has been a good period for NBAD. The bank has performed in line with market expectations and our previous guidance, and we have made significant progress towards our merger with FGB.

Over the course of the year, we built real momentum in our Global Wholesale and Global Retail and Commercial businesses, particularly within fee-generating business lines. Combined with our expense discipline, robust capital, strong liquidity and prudent risk mangement, this momentum has enabled NBAD to deliver strong and steady financial performance.

Our priority for the year ahead is to bring together NBAD with FGB. Central to that is ensuring our existing customers and those of FGB experience a smooth and transparent integration. Ultimately, this merger will create a stronger bank for the UAE, and our customers will benefit from the best of both banks.'