Abu Dhabi Commercial Bank (ADCB), the United Arab Emirates’ third-biggest lender, posted a 38 percent increase in first-quarter profit as impairment provisions declined and net interest income grew.
Net income advanced to 802 million dirhams ($218 million) from 583 million dirhams a year earlier, the lender said in a statement today. That beat the 612 million-dirham median estimate of three analysts surveyed by Bloomberg. Net interest income and Islamic financing revenue rose 29 percent to 1.2 billion dirhams.
U.A.E. banks are recovering after the global financial crisis slowed lending, hurt investment banking and led to an increase in bad loans. National Bank of Abu Dhabi PJSC (NBAD), the U.A.E.’s second-biggest bank by assets, today posted a 12 percent increase in first-quarter profit, while First Gulf Bank PJSC (FGB), a lender owned by Abu Dhabi’s ruling family, reported yesterday a 7 percent rise in profit to 935 million dirhams.
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