ABU DHABI, April 30 Abu Dhabi Commercial Bank
on Sunday posted an 8 percent 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 1.11 billion dirhams
($302.2 million) in the three months to March 31, compared to
1.02 billion dirhams 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 995.4 million dirhams.
ADCB's non-interest income in the quarter was 598 million
dirhams, up 11 percent 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 386
million dirhams compared to 352 million dirhams in the
Loans and advances edged up slightly to 159.8 billion
dirhams ending March 31 from 158.5 billion dirhams ending
December 2016 while customer deposits increased to 162.4 billion
dirhams from 155.4 billion dirhams in the same period.
ADCB raised $230 million through the sale of a five-year
Formosa bond, its second issuance sold in Taiwan in the first
quarter of 2016, sources told Reuters
($1 = 3.6728 UAE dirham)
(Reporting By Stanley Carvalho, editing by David Evans)