July 26, 2018 / 11:31 AM / 3 months ago

Abu Dhabi Commercial Bank Q2 profit up 12 percent

ABU DHABI, July 26 (Reuters) - Abu Dhabi Commercial Bank on Thursday reported a 12 percent rise in second-quarter net profit, due to higher net interest, increased Islamic financing and non-interest income.

ADCB made a net profit of 1.13 billion dirhams ($307.7 million) in the three months ending June 30, up from 1.01 billion dirhams in the same period of last year, it said in a statement. SICO Bahrain had forecast ADCB would make a second quarter profit of 1.12 billion dirhams

It is the second major Abu Dhabi bank to report earnings after First Abu Dhabi Bank, which earlier this week posted a 19 percent rise in second-quarter profit.

ADCB’s net interest and Islamic financing income rose by 7 percent to 1.78 billion dirhams. Non-interest income gained 16 percent to 504 million dirhams.

The results were helped by a 9 percent decline in impairment allowances for bad debt to 390 million dirhams. ($1 = 3.6728 UAE dirham) (Reporting By Stanley Carvalho and Tom Arnold; editing by Davide Barbuscia)

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