Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

Abu Dhabi’s ADCB Beats Estimates as Profit Climbs 47 Percent

Abu Dhabi Commercial Bank PJSC, the United Arab Emirates’ fourth-biggest bank, reported a 47 percent jump in third-quarter profit, beating analyst estimates, as non-interest income surged and charges declined.

Net income rose to 874.2 million dirhams ($238 million), compared with 594.2 million dirhams a year ago, the state-controlled bank said in a statement to the Abu Dhabi bourse today. That beat the 795.6 million dirham mean estimate of five analysts compiled by Bloomberg. Non-interest income rose 37 percent, while impairment allowances declined 42 percent.

The higher non-interest income resulted from “gains arising on retirement of financial liabilities and related hedges on the repayment of tier 2 loans” to the government and higher net trading income, according to the statement. ADCB’s non-performing loans ratio improved to 4.6 percent from 5.8 percent a year earlier, while provisions covered 105 percent of bad loans, compared with 82.2 percent at year’s-end.

Banks in the U.A.E., the second-biggest Arab economy, are recovering from the credit crisis which led to a jump in loan defaults, slowed lending and hurt investment banking income.

Abu Dhabi Commercial Bank said its loan book fell 2 percent in the nine months through September to 120.2 billion dirhams after a $2 billion loan was repaid to the bank in the quarter.

Abu Dhabi Commercial Bank is one of the biggest lenders to state-owned Dubai World, which roiled global markets in 2009 with its plan to restructure $25 billion of debt.

The bank’s shares did not trade today. They have risen 64 percent this year, compared to a 47 percent rise in the Abu Dhabi market’s benchmark index.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.