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ADCB posts 3% decline in Q3 profit
- United Arab Emirates: Saturday, November 03 - 2012 at 02:51
Abu Dhabi Commercial Bank (ADCB) has reported a 3% fall in its third-quarter net profit, as non-interest income fell and bad loan allowances rose slightly, Reuters has reported. The UAE's third largest lender by market capitalisation said it net profit stood at Dhs595m ($162m) in the three months to September 30, down from Dhs613m in the prior-year period. Impairment allowances for the third quarter totalled Dhs529m, up 3% from the same period in 2011. Net profit for nine months to September 30 reached Dhs2.13bn, down 16% from the Dhs2.53bn in the corresponding period of 2011.
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