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Abu Dhabi Commercial Bank beats profit estimates

Abu Dhabi Commercial Bank (ADCB) has posted Dhs733m ($199.6m) in net profit of for the three months ended June 30, down from Dhs1.3bn in the prior-year period, topping forecasts thanks partly to steeply lower provisions, Reuters has reported. Analysts had forecast average profit of Dhs679.5m. The UAE's third-biggest lender by market value booked a $357m one-time gain on the sale of its 25% stake in Malaysia's RHB Capital to Abu Dhabi fund Aabar Investments.