Profits of Abu Dhabi Commercial Bank up by 41%
Abu Dhabi Commercial Bank (ADCB), one of the UAE's leading financial institutions, Tuesday announced a net profit for the third quarter 2004 of AED 216.8 million against Dh 153.3 million for the same period last year, an increase of 41 per cent. For the nine months ended September 2004 net profit increased to Dh 520.7 million, compared to Dh 428.1 million in 2003, representing an increase of 22 per cent over the previous year.
"ADCB continues the implementation of the strategic business initiatives begun in early 2003 and the results are reflected in the improved 3rd quarter figures" said Saeed Mubarak Al Hajeri, Chairman of ADCB. He went on to say "the results we are witnessing are a reflection of the hard work and commitment of everyone at ADCB; the Board, management and staff" "The challenge we gave ourselves to rebuild the foundations of the Bank and build sustainable success is apparent through the Bank's positive performance in 2004 and particularly the 3rd quarter."
"Activity in 2004 has focused on creating a new and powerful dynamic through the realignment of the branch network into sales and service outlets, the introduction of new products and services and a new contact centre. We are confident that the results of the third quarter, the business environment and the strong pipeline of new business make the prospects for the future performance of the bank very good," stated Eirvin Knox, Chief Executive Officer of ADCB.
"Significant progress with recoveries of non-performing loans and the launch of the Bank's new branding and corporate image have been highlights of the year. Also, the Bank's investment in people and IT systems continues to be a main focus in order to provide the highest levels of efficiency while significantly increasing customer satisfaction," concluded Mr. Knox. (menareport.com)
© 2004 Mena Report (www.menareport.com)