Abu Dhabi bank doubles profits

Abu Dhabi Commercial Bank, the fourth largest bank in the UAE by market value, nearly doubled its third-quarter net profit yesterday to 607.6m dirhams (£103.4m), beating analysts forecasts, helped by lower impairment provisions and higher net interest income. Net interest and Islamic finance income grew to 1.33bn dirhams in third quarter compared with 877m dirhams in the same period last year. But smaller rival Abu Dhabi Islamic Bank reported flat net profits of 319.1m dirhams yesterday.