ADCB Q4 net profit surges 30pc, shares up
Abu Dhabi, January 26, 2012
Abu Dhabi Commercial Bank (ADCB) posted a 30-per cent rise in fourth-quarter net profit, Reuters calculations showed on Thursday, sparking a late rally in the lender's stock.
ADCB, the third largest bank in Abu Dhabi by market value, had net profit of Dh529 million ($144.02 million) in the fourth quarter, compared with Dh372 million in the year earlier period.
Reuters calculated the net profit figure from the lender's previous financial statements. ADCB did not provide fourth-quarter figures in the statement.
Analysts polled by Reuters forecast average fourth quarter net profit of 570 million dirhams. The lender, which sold its stake in Malaysia's RHB Capital last year, saw its full-year net profit surge to Dh3.05 billion versus Dh390.6 million for 2010.
The full year profit growth was aided by a 1.31 billion gain from the sale of the RHB stake and a drop in impairment allowances on loans and advances. ADCB said impairments fell to Dh2.08 billion from Dh2.86 billion in 2010.
ADCB is the frontrunner to buy the UAE operations of British lender Lloyds Banking Group, sources told Reuters earlier this month.
Last June, ADCB sold its 25 per cent stake in RHB to Abu Dhabi fund Aabar Investments for $1.91 billion. The lender's shares rose 5 per cent to Dh2.95 on the Abu Dhabi bourse on the results.-Reuters