Abu Dhabi Commercial Bank Q4 net profit up 7%

Abu Dhabi Commercial Bank posted a 7 per cent rise in fourth-quarter net profit on Sunday, bolstered by a rise in net interest and Islamic financing income.

The emirate’s second-largest bank by assets made a net profit attributable to shareholders of Dhs1.07bn ($291.3m) in the three months to December 31, compared to Dhs1.0bn in the fourth quarter of the previous year, according to its financial statement.

SICO Bahrain and EFG Hermes forecast a fourth quarter profit of Dhs942.5m and Dhs1.17bn, respectively.

ADCB’s board proposed a dividend of 42 per cent of the bank’s capital for 2017, compared to 40 per cent in 2016.

Net interest and Islamic financing income reached Dhs1.72bn during the quarter, up by 9 per cent from the same period of the previous year.