Abu Dhabi’s NBAD Says Focusing on Five Key Industries for GrowthArif Sharif
National Bank of Abu Dhabi PJSC, the United Arab Emirates’ biggest bank, plans to focus on five main industries as it seeks to tap into an estimated $137 billion banking-revenue pool in the Middle East, Asia and Africa.
The state-controlled lender will concentrate on financial institutions, energy and resources, transport, real estate and family conglomerates as well as trade and retailers, Chief Executive Officer Alex Thursby said on an analyst call today.
The lender reported yesterday an 8 percent decline in third-quarter profit to 1.04 billion dirhams ($282 million), missing analyst estimates. Profit fell as one-off gains from hedging strategies last year were not repeated. Lending grew 5.2 percent in the quarter from the preceding three months.
Thursby estimated annual spending in the Middle East, Asia and Africa on wholesale banking products like managing equity and debt issues, merger advisory, cash management and trade finance at $137 billion. The bank plans to strengthen offices in London and Singapore to help capture more business, he said.