x Abu Dhabi, UAETuesday 25 July 2017

Profits give ADCB a big lift

Abu Dhabi Commercial Bank, lifted Abu Dhabi's benchmark higher yesterday, after quarterly profit almost doubled, beating analyst estimates.

Abu Dhabi Commercial Bank jumped 3.2 per cent to Dh2.88. Ravindranath K / The National
Abu Dhabi Commercial Bank jumped 3.2 per cent to Dh2.88. Ravindranath K / The National

Abu Dhabi Commercial Bank (ADCB) rose the most in almost three weeks yesterday after quarterly profit nearly doubled, beating analyst expectations.

ADCB, the country's third-largest bank by assets, jumped 3.2 per cent to Dh2.88.

Net income almost doubled to Dh607.6 million in the third quarter, compared with Dh318m in the same period last year. Abu Dhabi Islamic Bank, the country's second-biggest Sharia-compliant lender, gained for a second day, up 0.6 per cent to Dh3.21, after profits rose.

The Abu Dhabi Securities Exchange General Index closed 0.1 per cent higher at 2,454.85.

"The results from Abu Dhabi banks have been looking encouraging so far, and already we are seeing some buying interest from selective clients," said Julian Bruce, the director of equity sales at EFG-Hermes in Dubai.

Oil rose for a fourth day as EU leaders prepared to meet in Brussels for their second summit in four days to hammer out a plan to stem the region's debt crisis. Crude for December delivery in New York gained as much as 0.3 per cent to US$95.53 a barrel.

The Dubai Financial Market General Index was little changed at 1,353.84. Emaar Properties, the developer of the Burj Khalifa, gained 0.4 per cent to Dh2.48.

Elsewhere in the region: Kuwait's index was little changed at 5,905.00; Bahrain's measure added 0.6 per cent to 1,152.01; Oman's MSM 30 Index was flat at 5,544.97; and Qatar's measure edged 0.1 per cent higher to 8,464.04. The Saudi Tadawul All-Share Index lost 0.1 per cent to close at 6147.54.

halsayegh@thenational.ae