ADCB third quarter profits up 9% to Dh1.1b

Dubai: Abu Dhabi Commercial Bank (ADCB) reported on Sunday Dh1.09 billion in net profit for the third quarter of 2017, marking a 9 per cent increase from the nearly Dh1 billion in profits in the third quarter of 2016.

The figure brings profits in the first nine months of 2017 to Dh3.2 billion, up 2 per cent over the same nine months last year.

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ADCB's gains in profitability came despite a jump in impairments, with impairment charges rising 10 per cent year-on-year in the third quarter of 2017 to Dh418 million. In the first nine months of the year, ADCB’s impairment charges reached Dh1.2 billion, a 14 per cent spike year-on-year.

Alaa Eraiqat, ADCB’s group chief executive officer and member of its board of directors, said the bank’s results reflect the successful execution of its strategy against the softer economic environment in the UAE.

He added that the bank was “well-positioned” to benefit from long-term growth prospects of the UAE’s economy.