July 28, 2019 / 11:23 AM / 5 months ago

Abu Dhabi Commercial Bank Q2 profit falls 11%

ABU DHABI, July 28 (Reuters) - Abu Dhabi Commercial Bank , which formally merged with two other banks this year, reported an 11% drop in second quarter profit on Sunday, as both interest income and non interest income declined.

ADCB made a net profit of 1.45 billion dirhams ($ 395 million) in the three months ending June 30, compared to 1.62 billion dirhams in the prior-year period, it said in a statement. EFG Hermes had projected a net profit of 1.3 billion dirhams for the second quarter.

Net interest income fell 7% to 2.59 billion dirhams, while non-interest income dropped 9% to 656 million dirhams.

This is the first combined proforma financials after ADCB merged with two smaller banks – Union National Bank and Al Hilal Bank. (Reporting By Stanley Carvalho, editing by Saeed Azhar)

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