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ADCB net profit up 25pc in Q2

Dubai, July 30, 2013

Abu Dhabi Commercial Bank (ADCB) reported a 25 per cent rise in second-quarter net profit on Tuesday, beating analysts' forecasts.

The UAE's third-largest lender by market value, posted a net profit of Dh917 million ($249.7 million) in the three months to June 30, it said in a statement. That compares with Dh733 million in the prior-year period, according to Thomson Reuters data.

Six analysts polled by Reuters had estimated an average second-quarter profit of 783.7 million dirhams for the second quarter.

Banks in the Gulf state are reporting strong improvement in the second-quarter thanks to an economic recovery and lower provisioning for exposure to state-linked entities. Dubai's biggest bank Emirates NBD beat expectations with a 50 per cent jump in profit last week.

ADCB said net profit for the first half of the year rose 17 per cent to 1.82 billion dirhams on the back of a strong rise in interest and non-interest income. - Reuters




Tags: abu dhabi | ADCB | Net Profit | rise |

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