Abu Dhabi Commercial Bank's (ADCB) first quarter net profit rose to Dh583m compared to Dh225m in the first quarter of the previous year, an increase of 159 per cent, the company has said in an emailed statement. The quarter's performance is 57 per cent higher over the last quarter of 2010.
Eissa Al Suwaidi, Chairman of ADCB attributed the results to improving economy in the UAE. “I am pleased to announce that the Bank declared a net profit of Dh583m for the first quarter of 2011. This good set of results is a reflection of the improving economy of the UAE and the strength of our core operations and solid client franchise. The Bank continues to move forward in 2011 by continuing to focus on our strategic objectives and building a stronger, more resilient ADCB for the future,” he said.
Total operating income in the first quarter of 2011 reached Dh1.410 billion, 11 per cent higher over the same period in 2010. Net interest income increased by six per cent.
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