NBAD, FGB report AED 5 bln combined net profit for H1

National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) reported on Sunday a combined net profit of AED 5.3 billion for the first half of 2016, ahead of a planned merger between the Abu Dhabi-listed lenders.

NBAD’s net profit for H1 amounted to AED 2.65 billion, while FGB recorded net income of AED 2.66 billion, according to a joint pro forma financial statement posted on the Abu Dhabi Securities Exchange (ADX) on Sunday.

The total combined assets for the banks reached AED 660.90 billion by the end of June. Liabilities amounted to AED 566.93 billion for the same period.

Last week, NBAD’s group chief executive Alex Thursby stepped down after over three years in the role, in a wider management shakeup ahead of the proposed merger.

Last month, boards of both lenders voted unanimously to recommend a merger.

Following the merger, set to come into effect in Q1-2017, the combined entity will become the largest bank in the MENA region.