National Bank of Abu Dhabi (NBAD) on Monday posted a year-on-year net profit decline of 12 per cent for the first quarter 2009 to Dh770 million.

However, these profits were an increase of 57 per cent over the fourth quarter of 2008. Compared to the same period last year, its net attributable profits rose 9 per cent based on core profits of Dh710 million, after excluding the Dh165 million gain on the sale of land. Its annualised diluted earnings for the first quarter were Dh1.39 per share.