Abu Dhabi Islamic Bank Q4 net plunges 60pc

Abu Dhabi, February 11, 2009

Abu Dhabi Islamic Bank said its fourth-quarter net profit fell 60 per cent to Dh114.7 million after it booked provisions worth Dh152.5 million, missing analysts' forecasts.

The bank's full-year net profit rose 10.7 percent to Dh851 million , compared with Dh769 million in 2007, Abu Dhabi Islamic Bank said in a statement.

Analysts forecast of Abu Dhabi Islamic Bank's fourth quarter profit ranged from Dh230.20 million to Dh246.81 million, according to a Reuters survey last month.

Abu Dhabi Islamic Bank earned Dh736.19 million in the first nine months of 2008 and Dh286 million in the fourth quarter of 2007.-Reuters

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