Abu Dhabi Commercial Bank (ADCB) posted a 38.5 percent rise in fourth-quarter net profit, helped by lower impairment provisions and higher interest income, sparking a late rally in the lender’s stock. ADCB, the third largest lender in Abu Dhabi by market value, posted a net profit of 514 million UAE dirhams (139.94 million US dollars) in the fourth quarter, compared with 371 million dirhams a year earlier, a bank statement said.
Analysts polled by Reuters forecast an average fourth-quarter net profit of 570 million dirhams. Reuters earlier calculated a quarterly net profit of 529 million dirhams based on the lender’s previous financial statements……………………………………….Full Article: Source