ADCB profits rise 3% to Dh4.28b in 2017

Dubai: Abu Dhabi Commercial Bank (ADCB) reported on Sunday a 3 per cent increase in its net profit for 2017, reaching Dh4.28 billion from Dh4.15 billion in 2016.

The figure puts profits in the fourth quarter of 2017 alone at Dh1.07 billion – up 7 per cent year-on-year compared to the Dh1 billion reported in the last quarter of 2016. The quarterly profits are slightly below the Bloomberg consensus of Dh1.09 billion.

In a statement to the Abu Dhabi bourse, ADCB said that its board of directors proposed a cash dividend in a sum equal to 42 per cent of the bank’s capital, which would amount to Dh0.42 per share.

The growth in profits came as ADCB’s net interest income and Islamic financing income for 2017 jumped 8 per cent to Dh6.7 billion as interest rates in the UAE tick up.