Arab Today, arab today abu dhabi commercial bank reports net profit
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Abu Dhabi Commercial Bank reports net profit

Arab Today, arab today

Arab Today, arab today Abu Dhabi Commercial Bank reports net profit

Abu Dhabi Commercial Bank
Abu Dhabi - WAM

Abu Dhabi Commercial Bank PJSC (ADCB) reported a 16 percent jump in its fourth-quarter net profit to Dh4.201 billion on Sunday in its announcement of its financial results for the year ended 31 December 2014, subject to approval by the Central Bank of the UAE.
Financial highlights (2014 vs. 2013) :: Record levels of net profit and operating income, sustainable profitability – Net profit up 16% to Dh 4.201 bn – Net profit attributable to equity shareholders up 20% to Dh 4.050 bn – Operating income up 3% to Dh 7.529 bn – Net fees and commission income up 25% to Dh 1.243 bn :: Resilient balance sheet and disciplined growth – Net loans and advances increased 7% to Dh 141 bn as at 31 December 2014 – Deposits from customer increased 9% to Dh 126 bn as at 31 December 2014 – Low cost CASA deposits contributed 45% of total deposits compared to 39% as at 31 December 2013 :: Strong liquidity and capital position at industry leading levels – Capital adequacy ratio of 21.03% and Tier 1 ratio of 17.01% – Net lender of Dh 15 bn in the interbank markets as at 31 December 2014, reflecting our strong liquidity :: Significant improvement in cost of funds and managed cost base – Cost of funds improved to 0.89% from 1.18% in 2013 – Cost to income ratio at 34%, remains within our target range :: Continued improvement in asset quality – Non-performing loan ratio improved to 3.1% from 4.1% as at 31 December 2013 – Non-performing loans declined to Dh 4.6 bn from Dh 5.7 bn as at 31 December 2013 – Provision coverage ratio improved to 137.1% from 109.7% as at 31 December 2013 – Collective impairment allowance balance was 2.14% of credit risk weighted assets as at 31 December 2014 :: Tangible returns to shareholders – Recommended cash dividend of 40 fils per share – Basic EPS improved by 25.4% to Dh 0.74 compared to Dh 0.59 in 2013 Remained committed to the UAE Economy – 90% of loans (gross) in the UAE ADCB reported record results in 2014, crossing the Dh 200bn mark in total assets and Dh 4 bn mark in net profit for the first time, delivering a net profit of Dh 4.201 bn, up 16% from 2013.
"These results reflect sustained solid performances across all operations" said ADCB Chairman Eissa Mohamed Al Suwaidi.
"ADCB remains a leading bank in the UAE and the region, differentiated by its focused approach, strategic and operational discipline, and financial strength. As a result of the Bank's record performance in 2014, the Board of Directors has recommended a cash dividend of 40 fils per share, translating to a pay out of Dh 2.080 bn (excluding treasury shares) equivalent to 50% of net profit, subject to approval of the UAE Central Bank.
Our strategy has delivered good performances over recent years and in 2014, the Bank reaffirmed the pillars comprised in the Bank's strategy and agreed on the prioritisation of the Bank's objectives."

 

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