Abu Dhabi Commercial Bank reports 8% rise in Q1 profit

Abu Dhabi Commercial Bank reported a net profit of AED 1.105 billion for Q1 2017, an 8 percent increase year-on-year (YoY), the lender said in a statement on Sunday.

Total net interest and Islamic financing income came in at AED 1.631 billion, 4 percent higher YoY, despite the increasing cost of funds given tighter liquidity in the market.

Total assets grew 14 percent YoY to AED 264 billion, while net loans and advances to customers rose 6 percent YoY to AED 160 billion.

Customer deposits increased 10 percent YoY to AED 162 billion, the Abu Dhabi listed bank said.

Deposit growth outpaced loan growth, resulting in an improved loan-to-deposit ratio of 98.4 percent, the statement added.