The bank in April was forced to deny a Bloomberg report claiming it was set to merge with First Abu Dhabi Bank, a move which would have created the GCC’s largest bank. Abu Dhabi has seen a wave of bank mergers in recent times, but ADIB said in a bourse statement it is “currently not studying for any merger or acquisition”. The bank reported H1 profits of $335m, an increase of 5.8 percent compared to the same period last year.