Reuters: Financial Services and Real Estate: UPDATE 1-Abu Dhabi's ADIB sees subdued 2012 profit, Q1 flat

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UPDATE 1-Abu Dhabi's ADIB sees subdued 2012 profit, Q1 flat May 13th 2012, 13:48 Sun May 13, 2012 9:48am EDT * Q1 group profit 307.3 mln dhs vs 304.6 mln dhs yr-ago * Books provisions of 186.1 mln dhs in Q1 * Sees "subdued growth in profits" for 2012 (Adds detail) ABU DHABI, May 13 (Reuters) - Abu Dhabi Islamic Bank warned on Sunday that profit growth for the rest of the year would be "subdued" as it posted flat income for the first quarter of 2012 on increased provisioning. ADIB, the second-largest Islamic lender in the United Arab Emirates, made a group net profit of 307.3 million dirhams ($83.7 million) in the three months to March 31 versus 304.6 million dirhams last year, it said in a statement. The number was in line with analysts' average forecast of 306 million dirhams. Tirad Mahmoud, the bank's chief executive, warned a continuation of the global financial crisis and euro zone uncertainty, combined with regulatory changes in the UAE, would pose challenges which could dampen its profit for the rest of the year. "We continue to anticipate limited quality credit opportunities and a resultant subdued growth in profits for the balance of 2012," he said in the statement. ADIB booked 186.1 million dirhams of provisions in the first quarter, 16.6 percent higher compared to the same period last year. Net customer financing increased 3.1 per cent to 49.6 billion dirhams in the first three months of 2012, while customer deposits grew 10.9 percent to 57.6 billion dirhams in the same period. ADIB's subsidiaries include brokerage ADIB Securities and Burooj Properties and both were hit by weak equity and real estate markets in the UAE, it added. ($1 = 3.6730 UAE dirhams) (Reporting by Stanley Carvalho; Editing by David French) Link this Share this Digg this Email Reprints

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