Abu Dhabi bank's Q2 profit soars

[ABU DHABI] Abu Dhabi Islamic Bank (ADIB), the largest syariah-compliant lender in the emirate, beat analysts' estimates as it posted yesterday a 22.5 per cent jump in second-quarter net profit as core business income boosted revenues.

The lender, which in May got regulatory approval to purchase much of Barclays' retail operations in the United Arab Emirates, made a net profit of 454.8 million dirhams (S$153.7 million) in the three months to June 30 compared to 371.4 million dirhams in the same period of 2013, a statement said.

Three analysts polled by Reuters this month forecast an average net profit of 406 million dirhams.