The Abu Dhabi Commercial Bank (ADCB) has approved the distribution of a 25 percent shareholder cash dividend for the third consecutive year at its 19th Annual General Meeting (AGM).
The AGM was held on April 10, 2004 at the Beach Rotana Hotel during which the bank also announced its financial results for the year 2003.
ADCB announced a net profit of 405 million Emirati dirhams ($110 million) for the year 2003. The bank's total assets rose to Dh 28.7 million and loans and advances to Dh 19.2 million during 2003, increases of four percent and 11 percent respectively. The refocused strategy registered an increase of six percent in customer deposits.
ADCB was formed in 1985, as a public shareholding company with limited liability, upon merger of Emirates Commercial Bank and Federal Commercial bank with Khaleej Commercial Bank. — (menareport.com)
© 2004 Mena Report (www.menareport.com )