Abu Dhabi Commercial Bank posts 22pc profit rise
Dubai, July 22, 2014
Abu Dhabi Commercial Bank , the fourth-largest lender by market value in the United Arab Emirates, beat analysts' estimates slightly on Tuesday as it posted a 22 per cent rise in second-quarter net profit on lower impairments.
The bank made a net attributable profit of Dh1.06 billion ($289 million) in the three months to June 30, versus Dh868.5 million in the corresponding period last year, it said in a statement.
Six analysts polled by Reuters had forecast an average net profit of Dh984 million.
Aiding the profit growth was a 54 per cent reduction in the amount the bank set aside for bad loans, with impairments for the second quarter of 2014 set at Dh233.5 million.
This helped to offset a 3.4 per cent drop in net interest income and a 13 per cent decline in non-interest income compared with the second quarter of 2013.
Loans and advances at the end of June stood at Dh134 billion, gaining two per cent on the same point of 2013, while deposits rose three per cent to Dh119 billion. - Reuters