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ADIB posts 5.5pc rise in profit

ABU DHABI, November 1, 2015

Abu Dhabi Islamic Bank (ADIB) on Sunday posted a 5.5 per cent rise in third quarter net profit.

The emirate's largest sharia-compliant bank made a net profit of Dh503.2 million ($137 million) in the quarter ending September 30, compared to Dh476.8 million in the same period a year ago, it said in a statement.

Analysts polled by Reuters at Beltone Financial and EFG Hermes forecast net profit for the period of Dh480 million and Dh498.5 million, respectively.

ADIB's chief executive, Tirad Al-Mahmoud, told Reuters last month it has no current plans to raise more capital after a rights issue last month, adding it would eschew expansion to focus on existing markets.

The lender raised Dh504 million in a rights issue in September that was nearly three times covered by subscriptions. - Reuters




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