Abu Dhabi Commercial Bank Q3 net profit drops 13%

ADCB made a net profit of AED1.41bln ($383.93mln) in the three months ending September 30

  
General view of Abu Dhabi Commercial Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

General view of Abu Dhabi Commercial Bank logo on January 4, 2017 in Dubai, United Arab Emirates.

Getty Images/Tom Dulat

ABU DHABI- Abu Dhabi Commercial Bank, which formally merged with two other banks this year, on Sunday reported a 13% drop in third-quarter 2019 net profit as lower interest income impacted the bank's bottom line.

ADCB made a net profit of 1.41 billion dirhams ($383.93 million) in the three months ending Sept. 30, compared with 1.62 billion dirhams during the same period last year, it said in a statement.

EFG Hermes had forecast ADCB would make a third quarter profit of 1.38 billion dirhams, while SICO Bahrain forecast it at 1.41 billion dirhams.

Net interest and Islamic finance income fell to 2.52 billion dirhams in the third quarter, down 9% year-on-year, ADCB said.

These were the second combined results after ADCB merged with two smaller banks – Union National Bank and Al Hilal Bank. ($1 = 3.6725 UAE dirham)

(Reporting By Stanley Carvalho; Editing by Alison Williams) ((stanley.carvalho@thomsonreuters.com; + 9712 6444431; Reuters Messaging: stanley.carvalho.thomsonreuters.com@reuters.net))

More From Equities