Abu Dhabi Commercial Bank echoes strong performance of banks in the UAE capital
Abu Dhabi Commercial Bank (ADCB) reported a 25 percent 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 AED917m ($249.7m) in the three months to June 30, it said in a statement. That compares with AED733m in the prior-year period, according to Thomson Reuters data.
Six analysts polled by Reuters had estimated an average second-quarter profit of AED783.7m 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 percent jump in profit last week.
ADCB said net profit for the first half of the year rose 17 percent to AED1.82bn on the back of a strong rise in interest and non-interest income.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.