Abu Dhabi Commercial Bank Q4 net profit up 7%

[ABU DHABI] Abu Dhabi Commercial Bank posted a 7 per cent 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 (S$380.9 million) in the three months to Dec31, 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 per cent of the bank's capital for 2017, compared to 40 per cent in 2016.

Net interest and Islamic financing income reached 1.72 billion dirhams during the quarter, up by 9 per cent from the same period of the previous year.

REUTERS