January 28, 2018 / 10:42 AM / a year ago

Abu Dhabi Commercial Bank Q4 net profit up 7 pct

ABU DHABI, Jan 28 (Reuters) - Abu Dhabi Commercial Bank 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 1.07 billion dirhams ($291.3 million) in the three months to Dec.31, compared to 1.0 billion dirhams in the fourth quarter of the previous year, according to its financial statement.

SICO Bahrain and EFG Hermes forecast a fourth quarter profit of 942.5 million dirhams and 1.17 billion dirhams, 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 1.72 billion dirhams during the quarter, up by 9 percent from the same period of the previous year. ($1 = 3.6729 UAE dirham) (Reporting By Stanley Carvalho and Tom Arnold; Editing by Keith Weir)

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