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Abu Dhabi Islamic Bank Q3 net profit up 1.1 per cent

Abu Dhabi Islamic Bank (ADIB) on Monday posted a 1.1 percent rise in third-quarter net profit.

The emirate’s largest sharia-compliant bank made a net profit of 508.9 million dirhams ($138.6 million) in the three months ending Sept. 30, compared to 503.2 million dirhams in the same period a year ago, it said in a statement.

EFG Hermes forecast the bank would make a net profit of 494.5 million dirhams in the quarter.

Earlier this month, ADIB chief executive Tirad al-Mahmoud told Reuters the bank’s earnings performance in the second half of this year would be similar to the opening six months of 2016.