#UAE bank ADCB reports record profit in Q1, up 27% | Reuters

UAE bank ADCB reports record profit in Q1, up 27% | Reuters

Abu Dhabi Commercial Bank (ADCB.AD), the UAE's third-biggest lender, reported a 27% rise in first-quarter net profit, boosted by higher net interest and non-interest income.

The bank reported a record net profit of 1.878 billion dirhams ($511 million) in the January-March quarter, a bourse filing showed, up from 1.483 billion a year earlier.

"We are pleased to achieve these record quarterly results, especially in light of the heightened uncertainty in the global economy and international banking sector," Chief Executive Alaa Eraiqat said.

Net interest income rose 33% to 2.851 billion dirhams while non-interest income rose 34% to 1.061 billion.

Total customer deposits increased by 19% to 311 billion dirhams as of the end of March while net loans rose 7% to 264 billion dirhams.