Profit in the three months to March 31 rose to 6 billion dirhams, while total income jumped 48%, the bank said in a statement on Thursday. "The exceptional increase in profit reflects higher margins, growing non-funded income and a lower cost of risk on significant recoveries," the statement said.
Deposits rose by 35 billion dirhams, a rise of 7%, to 538 billion dirhams, it said in a stock exchange statement. Net interest income rose 69% to 7.2 billion dirhams. Non funded income rose 54% to 3.3 billion dirhams. Provisions were down 66% to 0.5 billion dirhams. ($1 = 3.6718 UAE dirham) (Reporting by Hadeel Al Sayegh; Editing by Jacqueline Wong)
