Abu Dhabi Commercial Bank Q1 profit up 8%

Profit was boosted by a double-digit percentage increase in non-interest income

Abu Dhabi Commercial Bank on Sunday posted an 8 per cent rise in first-quarter profit, slightly above analysts’ forecasts, helped by a double-digit percentage increase in non-interest income.

The emirate’s second-largest bank by assets made a net profit attributable to shareholders of Dhs1.11bn ($302.2m) in the three months to March 31, compared to Dhs1.02bn in the same period a year ago, according to its financial statement.

Three analysts polled by Reuters had on average forecast a net profit for the quarter of Dhs995.4m.

ADCB’s non-interest income in the quarter was Dhs598m, up 11 per cent year-on-year due to higher trading income and increase in fees and commission income, the statement said.

Impairments in the first quarter of 2017 totalled Dhs386m compared to Dhs352m in the prior-year quarter.

Loans and advances edged up slightly to Dhs159.8bn ending March 31 from Dhs158.5bn ending December 2016 while customer deposits increased to Dhs162.4bn from Dhs155.4bn in the same period.

ADCB raised $230m through the sale of a five-year Formosa bond, its second issuance sold in Taiwan in the first quarter of 2016, sources told Reuters