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UAE’s ADIB Q1 Profit Up 10.1% On Higher Revenues

UAE’s ADIB Q1 Profit Up 10.1% On Higher Revenues

ADIB made a net profit of Dhs450.8 million ($122.8 million) in the first quarter of 2015.

Abu Dhabi Islamic Bank on Sunday posted a 10.1 per cent rise in first-quarter net profit, helped by higher revenues.

ADIB made a net profit of Dhs450.8 million ($122.8 million) in the quarter to March 31 compared to Dhs409.5 million in the same period a year ago.

Two analysts had forecast a net profit of Dhs440 million and Dhs477 million.

ADIB’s group revenues in the first quarter touched Dhs1.22 billion, up 14.1 per cent.

The results came against a broadly positive earnings season for banks in the United Arab Emirates, despite concern over the potential impact of lower oil prices on the economy.

ADIB booked bad loan provisions totalling Dhs202.6 million in the first quarter, down 6.4 per cent from a year earlier.

Loans decreased 0.9 per cent from the end of December to Dhs72.3 billion on March 31, while deposits rose 3.3 per cent to Dhs87.6 billion.

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