Business

ADCB's second-quarter profit beats analysts' estimates

Abu Dhabi Commercial Bank reported a 25 per cent rise in second-quarter net profit on Tuesday, beating analysts' forecasts.

Reuters

July 30, 2013

Abu Dhabi Commercial Bank (ADCB) reported a 25 per cent rise in second-quarter net profit on Tuesday, beating analysts' forecasts.

The United Arab Emirates' third-largest lender by market value, posted a net profit of Dh917 million in the three months to June 30, it said in a statement. That compares with Dh733m in the prior-year period, according to Thomson Reuters data.

Six analysts polled by Reuters had estimated an average second-quarter profit of Dh783.7m 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 per cent jump in profit last week.

ADCB said net profit for the first half of the year rose 17 per cent to Dh1.82 billion on the back of a strong rise in interest and non-interest income.

* Reuters

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