ADCB Profits Rise 3 Percent to Dh4.28 Billion in 2017

Press release

Published January 28th, 2018 - 11:41 GMT

The figure puts profits in the fourth quarter of 2017 alone at Dh1.07 billion – up 7 per cent year-on-year compared to the Dh1 billion reported in the last quarter of 2016.

Abu Dhabi Commercial Bank (ADCB) reported on Sunday a 3 per cent increase in its net profit for 2017, reaching Dh4.28 billion from Dh4.15 billion in 2016.

The figure puts profits in the fourth quarter of 2017 alone at Dh1.07 billion – up 7 per cent year-on-year compared to the Dh1 billion reported in the last quarter of 2016. The quarterly profits are slightly below the Bloomberg consensus of Dh1.09 billion.

In a statement to the Abu Dhabi bourse, ADCB said that its board of directors proposed a cash dividend in a sum equal to 42 per cent of the bank’s capital, which would amount to Dh0.42 per share.

The growth in profits came as ADCB’s net interest income and Islamic financing income for 2017 jumped 8 per cent to Dh6.7 billion as interest rates in the UAE tick up.

Source: Gulf News

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.