Abu Dhabi Commercial Bank (ADCB) posted a net profit of 903 million dirhams ($245.8 million) in the three months to March 31, up from 861 million dirhams in the prior-year period, marking a 5 percent rise.

Four analysts polled by Reuters had estimated an average first-quarter profit of 804.5 million dirhams.

Net attributable profit for the first quarter was 829.5 million dirhams versus 797 million dirhams in the first three months of 2012.

Impairment allowances for the first quarter totalled 322 million dirhams, the statement said, up 12 percent from the 287 million dirhams posted for the same period of 2012. – Reuters