The Abu Dhabi Commercial Bank (ADCB) posted a seven percent increase in net profits for the first quarter of 2004 reaching 145.2 million Emirati dirhams ($39 million) against Dh 135.3 million for the same period last year.
ADCB is among the top three banks in the United Arab Emirates (UAE) with assets of Dh 28.7 billion and operating income of Dh 940 million. It 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.
ADCB's paid up share capital of $340 million is the largest in the UAE, according to the bank. The Government of Abu Dhabi, through Abu Dhabi Investment Authority (ADIA), holds 65 percent of the capital while the rest is held by various UAE Institutions and Nationals. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
