RIYADH: Abu Dhabi Commercial Bank’s profits grew by 25 percent during the third quarter of this year, thanks to a rise in financing interests and Islamic financing revenues.
The bank's profit of 1.59 billion dirhams ($430 million) exceeded analysts’ average expectations of 1.46 billion dirhams, asharq reported.
The bank's net revenues also grew by 17.3 percent to 2.56 billion dirhams during the third quarter, most of which came from conventional interest income, which amounted to 2 billion dirhams.
The net revenue from Islamic financing and investment products amounted to 500 million dirhams.
Meanwhile, the bank’s provisions decreased by the end of the third quarter by 20 percent to 1.586 billion dirhams.
The bank is constantly seeking to strengthen its financial statements, as it is in talks to sell nearly $1 billion in bad debt to clean up a balance sheet affected by a series of large corporate defaults.
