Abu Dhabi bank ADCB posts 12% rise in Q2 profit

Abu Dhabi Commercial Bank on Thursday reported a 12 per cent rise in second-quarter net profit, due to higher net interest, increased Islamic financing and non-interest income.

ADCB made a net profit of Dhs1.13bn ($307.7m) in the three months ending June 30, up from Dhs1.01bn in the same period of last year, it said in a statement. SICO Bahrain had forecast ADCB would make a second quarter profit of Dhs1.12bn.

It is the second major Abu Dhabi bank to report earnings after First Abu Dhabi Bank, which earlier this week posted a 19 per cent rise in second-quarter profit.

ADCB’s net interest and Islamic financing income rose by 7 per cent to Dhs1.78bn. Non-interest income gained 16 per cent to Dhs504m.

The results were helped by a 9 per cent decline in impairment allowances for bad debt to Dhs390m.