Abu Dhabi Commercial Bank earned $167 million net profit
The Abu Dhabi Commercial Bank (ADCB) has maintained growth this year, earning a net profit of 615.4 million Emirati dirhams ($167 million) in 2001, a marginal increase over the previous year, reported the official WAM news agency.
The bank will pay a cash dividend of 25 percent of its net profit and is going in for a share split bringing down the face value of a share from Dh100 to Dh10, subject to ratification by shareholders at the forthcoming annual general meeting, added WAM.The bank’s total assets grew to Dh26.6 billion in 2001 up from Dh25.3 billion the previous year.
ADCB was formed in 1985 as a public shareholding company and has a share capital of Dh 1.2 million ($340 Million). The Government of Abu Dhabi through the Abu Dhabi Investment Authority (ADIA) holds 65 percent of the paid up capital, while the 35 percent balance is held by Emirate Institutions and Nationals. — (menareport.com)
© 2002 Mena Report (www.menareport.com)