Abu Dhabi Commercial Bank Posts 5% Rise In Q1 Profit

The lender posted a net profit of Dhs903 million ($245.8 million) in the three months to March 31, up from Dhs861 million in the prior-year period.



Abu Dhabi Commercial Bank reported a five per cent rise in first-quarter net profit on Thursday, beating the average expectation of analysts.

The United Arab Emirates’ third-largest lender by market value posted a net profit of Dhs903 million ($245.8 million) in the three months to March 31, up from Dhs861 million in the prior-year period, it said in a bourse filing.

Four analysts polled by Reuters had estimated an average first-quarter profit of Dhs804.5 million.

Net attributable profit for the first quarter was Dhs829.5 million versus Dhs797 million in the first three months of 2012.

Impairment allowances for the first quarter totalled Dhs322 million, the statement said, up 12 per cent from the Dhs287 million posted for the same period of 2012.

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