The bank reported a net profit of 920 million dirhams ($250.68 million) up from 849 million dirhams in the same quarter last year. Analysts polled by Reuters forecast an average net profit of 860.29 million dirhams. 

Net interest and Islamic financing revenue in the third quarter was 1.35 billion dirhams, up 26 percent from the same period last year. 

"This success can be attributed to our cautious yet diverse approach to the financial and business markets," Chief Executive Andre Sayegh said in a statement. 

"The UAE medium and long-term fundamentals are clearly very strong, we are well placed to witness future growth in this market." 

Net profit for the first nine months of the year was 2.7 billion dirhams, up 5 percent over the same period last year. But fees and commissions fell 40 percent to 261 million dirhams due to "regulatory changes in retail lending in the UAE." 

Loans and advances grew 7 percent to 102 billion dirhams in the third quarter while deposits grew 4 percent to 96.0 billion dirhams. Total assets stood at 156.3 billion dirhams at the end of September 2011, up 11 percent over that of December 2010.

The bank booked 379.3 million dirhams in loan provisions in the third quarter versus 406.2 million dirhams, down 7 percent, it said in the statement.