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Tuesday, 25 January 2011

UPDATE 1-Abu Dhabi Commercial Bank returns to profit | Reuters

Abu Dhabi Commercial Bank ADCB.AD (ADCB) on Tuesday said it swung to a fourth quarter and yearly profit helped by higher net interest income, beating analysts forecasts.

The lender, one of the region's most exposed banks to indebted conglomerate Dubai World [DBWLD.UL], booked 1.06 billion dirhams ($287.3 million) in provisions against its exposure. It was one of two UAE banks on the coordinating committee that negotiated Dubai World's $25 billion restructuring plan, agreed by lenders last September.

ADCB made a profit of 371 million dirhams in the three months to Dec 31, from a net loss of 1.24 billion dirhams in the same period last year, the bank said in a statement.