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