* Q1 profit 802 mln dirhams
* Provisions down 28 percent in Q1
* Loans, assets growth fall slightly
ABU DHABI, April 24Abu Dhabi Commercial Bank
the emirate's third-largest lender by market value,
posted a 38-percent rise in first quarter net profit on Tuesday
due to lower impairments and higher interest income.
ADCB posted a net profit of 802 million dirhams ($218.52
million) in the first quarter, compared with 583 million dirhams
a year earlier, ahead of analysts' forecasts.
Analysts polled by Reuters forecast an average first-quarter
net profit of 641.25 million dirhams.
Impairment allowances for the first quarter totalled 287
million dirhams, down 28 percent from 399 million dirhams in the
prior year period, the statement said.
On the other hand, net interest and Islamic finance income
rose to 1.19 billion dirhams from 926 million a year ago.
Deposits were up 4 percent in the first quarter totalling
114.5 billion dirhams but loans growth was nearly flat at 130.46
billion dirhams compared to end-December 2011.
ADCB's total assets fell slightly to 182.91 billion dirhams
in first quarter from 183.72 billion dirhams as of end December
In late March, ADCB agreed to provide a $500 million loan to
Abu Dhabi investment fund Mubadala in exchange for a 14 percent
stake in indebted developer Aldar Properties
The lender sold its stake in Malaysia's RHB Capital
last year to Abu Dhabi fund Aabar Investments for
Earlier on Tuesday, ADCB's rival National Bank of Abu Dhabi
posted a 12-percent rise in quarterly profit, beating
analysts' forecasts, thanks to lower provisions and deposit
($1 = 3.6730 UAE dirhams)
(Reporting By Stanley Carvalho)