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Thu 17 Jul 2008 04:03 PM

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ADCB profit up 34% in Q2

Abu Dhabi Commercial Bank posts second-biggest quarterly-profit ever, profit of $178.5mn.

Abu Dhabi Commercial Bank posted its second-biggest quarterly-profit ever, up 34 percent from the year-earlier period, due to growth in its assets, loans, deposits and operating income, the bank said in a statement on Thursday.

Abu Dhabi's third-largest bank by market value posted net profit of 655.4 million dirhams ($178.5 million) which beat three out of four analysts' forecasts ranging from 486 million dirhams to 655.50 million dirhams in a Reuters survey last month.

Operating income for the period rose 45 percent to 2.14 billion dirhams which was driven by a 45 percent rise in fee income and a 227 percent rise in foreign exchange and derivative income.

Total assets for the first six months of the year rose 33.5 percent to 128 billion dirhams compared with the same period last year.

Loans and advances in the first half of the year rose 34 percent to 91 billion dirhams from the same period in 2007 and stable deposits jumped 36 percent to 97 billion dirhams.

The bank made 489.12 million dirhams in the second-quarter of 2007 and 459.89 million dirhams in the first quarter of this year.

The bank's shares are down more than 6 percent so far this year, underperforming Abu Dhabi's main index which is up more than 7 percent. (Reuters)