ABU DHABI: Abu Dhabi Islamic Bank posted a 10.1 percent rise in first-quarter net profit, helped by higher revenues.
ADIB made a net profit of Dh450.8 million ($122.8 million) in the quarter to March 31 compared to Dh409.5 million in the same period a year ago.
Two analysts had forecast a net profit of Dh440 million and Dh477 million.
Adibs group revenues in the first quarter touched 1.22 billion dirhams, up 14.1 pe rcent.
The results came against a broadly positive earnings season for banks in the UAE, despite concern over the potential impact of lower oil prices on the economy.
Adibbooked bad loan provisions totalling 202.6 million dirhams in the first quarter, down 6.4 percent from a year earlier.
Loans decreased 0.9 percent from the end of December to Dh72.3 billion on March 31, while deposits rose 3.3 per cent to Dh87.6 billion.
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