CORRECTED-Abu Dhabi Islamic Bank Q1 net profit up 20.4 pct

Mon Apr 21, 2014 7:09am EDT

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(Corrects percentage increase in headline, first paragraph)

DUBAI, April 21 (Reuters) - Abu Dhabi Islamic Bank , the largest sharia-compliant lender in the emirate, met analysts' expectations as it posted a 20.4 percent rise in first-quarter net profit on Monday.

The lender, which said earlier this month it was buying much of Barclays' retail operations in the United Arab Emirates, made a net profit of 409.5 million dirhams ($111.5 million) in the three months to March 31. That was up from 340.1 million dirhams in the prior-year period, it said in a bourse statement.

The results were in line with the average estimate of three analysts, who forecast profit of 411 million dirhams in a Reuters poll. ($1 = 3.6730 UAE Dirhams) (Reporting by David French; Editing by Mirna Sleiman)