Net profits of Abu Dhabi Commercial Bank up by 11%
Abu Dhabi Commercial Bank (ADCB) announced a record net profit for the first half of 2004 of Dh304 million against Dh275 million for the same period last year, an increase of 11 percent. On a quarterly basis profits have grown by 14 percent to Dh159 million, compared to Dh139 million for the second quarter of 2003.
Operating profit for the first half of 2004 has risen to Dh484 million, a 5 percent increase over 2003. Total Assets also increased by 5 percent from Dh28.8 billion to Dh30.3 during the first half of 2004.
Reflecting on the results, Eirvin Knox, CEO of ADCB said: "The successful results we are witnessing are a direct result of the planned series of strategic business initiatives we have undertaken over the last year."
"During this year we have focused on the difficult task of rebuilding the foundations upon which we can construct sustainable success. Tremendous effort has gone into creating a new and powerful dynamic which I am confident will provide the sustained momentum we need to forge ahead with continued success for the rest of 2004." (menareport.com)
© 2004 Mena Report (www.menareport.com)