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24 April 2024

Abu Dhabi Islamic Q4 profit jumps

By Agencies

Abu Dhabi Islamic Bank made a fourth-quarter net profit of Dh287.82 million, up 73.4 per cent from the year-earlier period, beating analysts forecasts.

The lender that complies with Islamic law posted profit attributable to shareholders of Dh770.88 million in 2007 compared with Dh571.01 million in 2006, it said in a statement, without giving quarterly data.

Analysts' forecasts for Abu Dhabi Islamic's fourth-quarter profit ranged from Dh165.94 million to Dh202.94 million in a Reuters survey last month, with the average forecast of the four analysts at Dh176.52 million.

Abu Dhabi Islamic made profit attributable to shareholders of Dh165.94 million in the fourth quarter of 2006 and Dh483.06 million in the first nine months of 2007, according to financials posted on the stock market regulator's website. (Reuters)