ABU DHABI, Feb 7 (Reuters) - Abu Dhabi Islamic Bank
reported a drop in quarterly profit on Thursday but still beat forecasts as the bank made fewer provisions for bad loans.
reported a drop in quarterly profit on Thursday but still beat forecasts as the bank made fewer provisions for bad loans.
Abu Dhabi's biggest sharia-compliant bank by market value had fourth-quarter net profit of 333 million dirhams ($90.7 million) in the final three months of 2012 compared with 338.6 million dirhams a year earlier, it said in a statement.
This was ahead of the three analysts average forecast for net profit of 224.3 million dirhams in a Reuters poll last month.
The bank was helped by an 10.8-percent fall in impairments, which dropped to 161.1 million dirhams from 180.5 million dirhams in the same three-month period of 2011.
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