(MENAFN- Gulf Times) Abu Dhabi Commercial Bank reported a 16% jump in fourth-quarter net profit yesterday, beating analysts forecasts as it also proposed a higher dividend for 2014.
Banks in the UAE have enjoyed a strong reporting period so far, with lenders recording higher profits on the back of robust local economic conditions.
The fourth-largest lender by assets in the Gulf state made a net profit of 1.02bn dirhams ($278mn) in the three months ending December 31, versus 879mn dirhams in the corresponding period of 2013, it said in a statement.
ADIB
Abu Dhabi Islamic Bank posted a 19.3% rise in fourth-quarter net profit yesterday, and also proposed a cash dividend for 2014 that was in line with the previous year's pay-out.
The emirate's largest Shariah-compliant bank made a net profit of 409.6mn dirhams ($111.5mn) in the three months to December 31, up from 343.3mn dirhams in the prior-year period, it said in a statement.
Analysts at Beltone Financial and EFG Hermes forecast ADIB would make a quarterly net profit of 327mn dirhams and 443.3mn dirhams respectively.
The bank made a 2014 annual profit of 1.75bn dirhams, up 20.7% on 2013.
DIB
Dubai Islamic Bank (DIB), the UAE's largest Shariah-compliant lender, posted a 64.1% increase in fourth-quarter net profit yesterday, as it continued to benefit from a positive local economic picture.
It is the third Dubai-based bank to report strong fourth-quarter earnings, after Emirates NBD and Mashreq last week.
DIB made 850mn dirhams ($231.4mn) in the three months to December 31, according to Reuters calculations, up from 518mn dirhams in the corresponding period of 2013.
The bank did not provide a breakdown of its fourth quarter earnings, so Reuters used its full-year results statement to calculate the figure-which was ahead of the 719.3mn dirhams forecast by EFG Hermes.
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