Abu Dhabi Commercial Bank (ADCB) reported a four percent bottom line drop in 2002. The bank’s net profits totaled 590.3 million Emirati dirhams ($160.7 million) between January and December-end 2002, down from Dh615.4 million in the previous financial year.
The decline was primarily attributed to low interest rates falling. In 2002, interest income dropped 24 percent to Dh1.21 billion from Dh1.6 billion in 2001. At the same time ADCB’s total assets climbed four percent, from Dh26.5 billion in 2001 to Dh27.6 billion at year-end 2002.
One of the largest banks in the United Arab Emirates (UAE), ADCB was incorporated in July 1985, with the merger of the Khalij Commercial Bank, the Emirates Commercial Bank and the Federal Commercial Bank. It is currently 64 percent owned by Abu Dhabi Investment Authority, while the bank's remaining shares are held by UAE institutions and nationals. — (menareport.com)
© 2003 Mena Report (www.menareport.com )