Thursday 26 January 2012

UPDATE 2-UAE lender ADCB's Q4 net profit surges, shares rise - Yahoo!

Abu Dhabi Commercial Bank
posted a 38.5 percent rise in fourth-quarter net profit, helped
by lower impairment provisions and higher interest income,
sparking a late rally in the lender's stock.
ADCB, the third largest lender in Abu Dhabi by market value,
posted a net profit of 514 million dirhams ($139.94 million) in
the fourth quarter, compared with 371 million dirhams a year
earlier, a bank statement said.
Analysts polled by Reuters forecast an average
fourth-quarter net profit of 570 million dirhams.
Reuters earlier calculated a quarterly net profit of 529
million dirhams based on the lender's previous financial
statements.

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