Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) on Sunday reported positive results for the third quarter of 2018 and the first nine months of the year.
The Abu Dhabi-based and listed bank logged AED 1.151 billion ($313 million) in net profit between July and September, up 5.6% year-on-year from AED 1.09 billion ($296 million).
In terms of the first nine months of 2018, Abu Dhabi’s second largest banks in terms of assets achieved AED 3.483 billion in net profits, up 9% from AED 3.205 billion in the same period of 2017, the bank said in a bourse filing.
ADCB attributed it profit growth to a 5% increase in operating revenues in the nine-month period to AED 6.94 billion from AED 6.58 billion the year-ago period.
Provisions also decreased by 9% year-on-year to AED 1.117 billion during the nine-month period ended 30 September from AED 1.232 billion.
ADCB previously posted AED 2.332 billion in profits in the first six months of 2018, up from AED 2.113 billion in the year-ago period, while operating income had increased to AED 4.642 billion from AED 4.337 billion in H1-17.
