adcb fourth quarter earnings up 32
Last Updated : GMT 18:08:33
Arab Today, arab today
Arab Today, arab today

ADCB fourth quarter earnings up 32%

Arab Today, arab today

Arab Today, arab today ADCB fourth quarter earnings up 32%

Abu Dhabi - Arabstoday

Abu Dhabi Commercial Bank’s earnings grew 32 per cent year-on-year to Dh680 million in the last quarter of 2012 due to higher revenues. However, in the year 2012, Abu Dhabi’s second biggest lender by assets reported eight per cent drop in its net profit to Dh2.810 billion, down from Dh3.045 billion in FY2011, which included Dh1.314 billion gain on the sale of ADCB’s stake in RHB Capital Berhad realised in June 2011. On a comparable basis, excluding the non-recurring gain, net profit was up 62 per cent over 2011 at Dh1.731 billion, the nation’s third largest lender said. The total assets in the year fell two per cent to Dh180.796 billion from Dh183.722 billion in the same period a year ago, loans and advances dropped by one per cent to Dh123.195 billion from 124.755 billion while customers’ deposit remained flat at Dh109.217 billion in the year. “Operating expenses were maintained flat with cost to income ratio improved to 31.4 per cent from 33.1 per cent in FY’11,” the bank said in a statement. Operating income in 2012 reached Dh6.595 billion, a record for the Bank, representing a strong growth of nine per cent year-on-year. Operating income in the last quarter of 2012 remained steady at Dh1.610 billion. Total net interest and Islamic financing income in the year was reported at Dh5.207 billion, a record for the bank and reported an increase of 11 per cent year-on-year, mainly driven by an increase in the investment portfolio and the bank’s continued improved funding profile. Non-interest income for the year remained stable at Dh1.388 billion, the bank said. Net fees and commission income for the year reported an increase of five per cent year-on-year at Dh940 million, while net trading income was 10 per cent lower at Dh303 million. Investment securities portfolio increased to Dh19 billion from Dh15 billion as at 31 December 2011, of which 99 per cent was invested in bonds and government securities providing a liquidity pool for the bank. Eissa Al Suwaidi, Chairman of ADCB, said the lender earned Dh2.810 billion despite the “challenging economic conditions.” The Board has recommended a 25 per cent cash dividend. Ala’a Eraiqat, Member of the Board and Chief Executive Officer, termed the performance as “steady growth in our operating income.”   “While subdued economic conditions persist, with average loan growth year on year reported at 2.6 per cent across all banks in the UAE and GDP growth projections for UAE reported at four per cent in 2012 and 2.6 per cent in 2013, our loan book was stable and we continued to deliver strong operating performance, with operating income up nine per cent in 2012,” he said. From Khaleej Times  

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