NEW YORK: The National Bank of Abu Dhabi (NBAD) expects 2015 a tougher year as lower oil prices continuously hit economic growth, the head of the UAE’s largest lender by assets said.
NBAD was the latest UAE lender to post strong fourth-quarter earnings, beating analyst forecasts with a 27.6% rise in net profit to 1.37bn dirhams (373mn), helped by higher fee income and lower impairments.
But a 60% drop in oil prices since June has some governments in the Gulf region forecasting deficits this year, which is set to curb economic growth. The International Monetary Fund this month cut its 2015 gross domestic product growth forecast for the UAE by one percentage point to 3.5%.
