UAE lender Abu Dhabi Islamic Bank reported a 56 percent increase in second quarter profit as it recorded lower credit provisions, beating analysts' forecasts.
The bank, the second largest Islamic lender in the UAE, made a profit of 301.6 million UAE dirhams ($82.1 million) in the three months to June 30, up from 193.1 million dirhams in the same period last year, it said in a statement on Sunday.
Analysts at EFG-Hermes had estimated second quarter profit of 251 million dirhams.
ADIB also said total credit provisions in the second quarter fell to 134.6 million dirhams from 171.4 million a year ago and that total provisions stood at 1.93 billion dirhams as at the end of the quarter.
Shares in ADIB had closed before the announcement was made, ending down 0.4 percent on the day at 2.45 dirhams.
Abu Dhabi Islamic Bank reported a 9.3 percent jump in first quarter profit, but said it may need to take further credit impairments in 2010.
(Reporting by Stanley Carvalho, Writing by Andrew Callus; Editing by Dinesh Nair)