Abu Dhbai-Mubasher: NBK Capital set the fair value of National Bank of Abu Dhabi (NBAD) at AED 11.8, according to a recent report.

The financial services firm reiterated the “Hold” recommendation despite disappointing results, however asset quality and loan growth are holding up well.

NBAD posted profits of AED 4.195 billion ($1.142 billion) in the first nine months of 2015, down 0.23% from AED 4.21 billion in the same period of 2014, according to a bourse filing on Wednesday.

In the third quarter of 2015, profits fell 3% to AED 1.33 billion from AED 1.37 billion in Q3-14.

Operating income added 1% year-on-year in Q3-15 and fell 4% quarter-on-quarter, coming 7% lower than NBK Capital’s forecast.