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NBAD Rises to 7-Year High as Net Tops Estimates: Abu Dhabi Mover

April 24 (Bloomberg) -- National Bank of Abu Dhabi PJSC jumped to the highest level in more than seven years after quarterly profit at the second-biggest lender in the United Arab Emirates beat analysts’ estimates.

The shares climbed 5.4 percent to 11.70 dirhams, the highest since January 2006, at the close in the capital of the U.A.E., valuing the state-controlled bank at 50 billion dirhams ($14 billion). The benchmark ADX General Index rose 2.1 percent.

First-quarter profit climbed to 1.41 billion dirhams from 1.04 billion dirhams as operating income advanced 24 percent. The mean estimate of five analysts was for 1.1 billion dirhams, data compiled by Bloomberg show. The bank has hired Alex Thursby as chief executive officer to replace Michael Tomalin in July as it seeks to expand in markets including Asia. Thursby was CEO for international and institutional banking at Australia & New Zealand Banking Group Ltd.

“The bank reported strong results that showed growth on all aspects: operational profits, deposits and other aspects,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

Operational income advanced to 2.51 billion dirhams from 2.03 billion dirhams a year earlier. Deposits increased to 206 billion dirhams at the end of first quarter from 190 billion dirhams at the end of last year.

The stock’s 14-day relative strength index rose to 78 today. A reading above 70 indicates to some analysts that a security or index is poised to decline. One analyst has a buy rating on the stock, 11 say hold and one says sell, according to data compiled by Bloomberg.

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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