* ADIB Q4 net 343 mln dhs vs 242.8 mln dhs year ago -
* ADIB 2013 profit 1.45 bln dhs, up 21 pct
ABU DHABI Feb 4 Abu Dhabi Islamic Bank (ADIB)
reported a 41 per cent rise in fourth-quarter net
profit helped by higher revenue from its core business, beating
Banks in the United Arab Emirates are reaping the benefits
of a recovering economy, helped mainly by an upturn in the real
estate sector together with reduced debt worries at some
ADIB, Abu Dhabi's biggest sharia-compliant bank by market
value, made a net profit of 343 million dirhams ($93.4 million)
in the fourth quarter compared with 242.8 million dirhams in the
same period in 2012, it said in a statement on Tuesday.
Three analysts polled by Reuters this month forecast an
average net profit of 316.33 million dirhams.
The bank's net profit for the whole of 2013 grew 21 per cent
to 1.45 billion dirhams, the statement said.
Credit provisions were slightly lower in the fourth quarter
at 221 million dirhams, versus 227 million dirhams the year
"The performance reflects the sustainable strength of our
core banking business in that it did not rely on reversing
non-performing accounts or reducing provisions," said Tirad
Mahmoud, chief executive of the bank, which also has property
and brokerage businesses.
Revenues grew 18 percent in fourth quarter to 1.04 billion
dirhams. Loans were up 21 percent, totalling 61.7 billion
dirhams, while deposits jumped 23 percent to reach 75.5 billion
The bank plans to pay a cash dividend of 31 fils per share.
($1 = 3.6730 UAE dirhams)
(Reporting By Stanley Carvalho; Editing by Pravin Char)