UAE bank ADCB quarterly net profit up 44%, beats forecasts | Reuters
Abu Dhabi Commercial Bank (ADCB.AD), UAE's third-biggest lender, beat expectations with a 44% rise in fourth-quarter net profit, boosted by higher net fee and commission income on cards and loans.
Banks in the United Arab Emirates are seeing a swift recovery in earnings as the economy recovers from the worst of the pandemic, oil prices have surged and the world fair Expo has boosted tourism.
ADCB's recorded a net profit of 1.448 billion dirhams ($394 million) in the October-December quarter, up from 1.007 billion dirhams in the same period in 2020.
The net profit beat analysts expectations as EFG Hermes had predicted 1.33 billion dirhams and Arqaam Capital had 1.16 billion dirhams.
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