April 30, 2017 / 12:17 PM / 8 months ago

UPDATE 1-UAE's Abu Dhabi Commercial Bank Q1 profit up 8 pct, beats forecasts

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ABU DHABI, April 30 (Reuters) - Abu Dhabi Commercial Bank on Sunday posted an 8 percent rise in first-quarter profit, slightly above analysts’ forecasts, helped by a double-digit percentage increase in non-interest income.

The emirate’s second-largest bank by assets made a net profit attributable to shareholders of 1.11 billion dirhams ($302.2 million) in the three months to March 31, compared to 1.02 billion dirhams in the same period a year ago, according to its financial statement.

Three analysts polled by Reuters had on average forecast a net profit for the quarter of 995.4 million dirhams.

ADCB’s non-interest income in the quarter was 598 million dirhams, up 11 percent year-on-year due to higher trading income and increase in fees and commission income, the statement said.

Impairments in the first quarter of 2017 totalled 386 million dirhams compared to 352 million dirhams in the prior-year quarter.

Loans and advances edged up slightly to 159.8 billion dirhams ending March 31 from 158.5 billion dirhams ending December 2016 while customer deposits increased to 162.4 billion dirhams from 155.4 billion dirhams in the same period.

ADCB raised $230 million through the sale of a five-year Formosa bond, its second issuance sold in Taiwan in the first quarter of 2016, sources told Reuters

$1 = 3.6728 UAE dirham Reporting By Stanley Carvalho, editing by David Evans

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