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ABU DHABI / Reuters
Abu Dhabi Commercial Bank (ADCB) posted a 7 percent rise in fourth-quarter net profit on Sunday, bolstered by a rise in net interest and Islamic financing income.
The emirate’s second-largest bank by assets made a net profit attributable to shareholders of AED1.07 billion ($291.3 million) in the three months to December 31, compared to AED 1.0 billion in the fourth quarter of the previous year, according to its financial statement. SICO Bahrain and EFG Hermes forecast a fourth quarter profit of AED 942.5 million and AED 1.17 billion, respectively.
ADCB’s board proposed a dividend of 42 percent of the bank’s capital for 2017, compared to 40 percent in 2016.
Net interest and Islamic financing income reached AED 1.72 billion during the quarter, up by 9 percent from the same period of the previous year.