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Monday, 18 July 2016

ADCB beats estimates despite 12.3% drop in second quarter profit | The National

ADCB beats estimates despite 12.3% drop in second quarter profit | The National:

"Abu Dhabi Commercial Bank beat analysts’ forecasts despite posting a 12.3 per cent drop in second-quarter net profit, weighed down by the need to set aside more cash for bad debts.

It is the third Abu Dhabi bank to report weak earnings, reflecting the struggles of the emirate’s banking sector as lower oil prices and reduced government spending feed through into the wider economy.

Abu Dhabi’s third-largest bank by assets made a net profit attributable to shareholders of Dh1.13 billion in the three months to June 30, compared to Dh1.28bn in the same period a year ago."



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