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Tue 30 Jul 2013 03:25 PM

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Abu Dhabi's ADCB says Q2 net profit up 25%

Abu Dhabi Commercial Bank echoes strong performance of banks in the UAE capital

Abu Dhabi's ADCB says Q2 net profit up 25%

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.

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