UAE lender ADCB posts 9% increase in Q1 profit

Abu Dhabi Commercial Bank on Thursday posted a 9 per cent rise in first quarter profit as net interest and Islamic financing income rose.

The emirate’s second-largest bank by assets made a net profit attributable to shareholders of Dhs1.21bn ($330m) in the three months to March 31, compared to Dhs1.11bn in the first quarter of 2017, ADCB said in a statement.

SICO Bahrain forecast a first-quarter profit of Dhs1.09bn, while EFG Hermes expected a profit of Dhs1.14bn. Total net interest and Islamic financing income reached Dhs1.83bn, 12 per cent up from the same period of last year.

ADCB’s impairment allowances reached Dhs380m during the quarter, down 2 per cent from the same period of last year.

Loans and advances growth was flat at Dhs162.82bn in the quarter compared to the end of December 2017, due to significant repayments, the statement said.

Customer deposits totalled Dhs166.88bn, up 2 per cent from the previous quarter. The bank launched and priced a $750m bond in March, its first dollar debt issuance since 2015, the statement said.