uae\s adcb q2 net profit boosted by rhb stake sale
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

UAE's ADCB Q2 net profit boosted by RHB stake sale

Arab Today, arab today

Arab Today, arab today UAE's ADCB Q2 net profit boosted by RHB stake sale

Abu Dhabi - Arabstoday

Abu Dhabi Commercial Bank (ADCB) , the UAE's fourth largest lender by market capitalisation, swung to a second-quarter net profit on Tuesday as it booked a $357m gain from the sale of its quarter-percent stake in Malaysia's RHB Capital .The lender, one of the region's most exposed banks to indebted conglomerate Dubai World , reported a net profit of AED1.34bn ($364.9m) in the second quarter, compared with a loss of AED531m for the previous year, the bank said in a statement on Tuesday.Analysts polled by Reuters had estimated an average second quarter profit of AED1.31bn for the bank.ADCB is one of two UAE banks on an informal seven-member coordinating committee negotiating Dubai World's restructuring plan. In June, it sold its stake in Malaysian lender RHB to Abu Dhabi sovereign fund Aabar for 10.80 ringgit per share in a $1.91bn deal.The bank also said it would convene a shareholders meeting to buy back up to 10 percent of its capital.Net impairment allowances for the second-quarter stood at AED935m compared with AED1.30bn in the year earlier period. The bank took an additional impairment provision of AED275m for the first half, it said.ADCB said loans fell 5 percent to AED123bn in the second quarter of 2011 compared to a year ago, while deposits remained flat at AED106.35bn for the same period.Operating income stood at AED1.42bn in the second quarter versus AED1.12bn a year ago, the statement said.ADCB shares have risen 50 percent year-to-date. They were halted pending the announcement of results on Tuesday. From / Arabian Business

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae\s adcb q2 net profit boosted by rhb stake sale uae\s adcb q2 net profit boosted by rhb stake sale

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae\s adcb q2 net profit boosted by rhb stake sale uae\s adcb q2 net profit boosted by rhb stake sale

 



GMT 04:51 2016 Thursday ,29 December

Sisi inaugurates Nasr Floating Bridge in Port Said city

GMT 08:53 2017 Thursday ,02 November

Muslim countries push UN to speak out on Myanmar abuses

GMT 14:26 2017 Saturday ,21 October

Jazeera launches new livery, cabins, crew uniforms

GMT 21:11 2011 Friday ,13 May

How to treat a cold

GMT 09:10 2015 Saturday ,03 January

The Perfume Shop reveals January & February

GMT 18:21 2017 Sunday ,08 October

Dangerous Takfiri element arrested

GMT 13:27 2017 Saturday ,14 January

Kardashian heist charged in Paris

GMT 05:09 2017 Wednesday ,25 October

Austria far-right set for coalition talks

GMT 08:10 2017 Thursday ,27 April

Abu Dhabi International Book Fair launched

GMT 23:37 2017 Wednesday ,15 November

Foxconn profit tumbles after iPhone X production hurdles

GMT 10:42 2018 Monday ,03 December

Abbas arrives in Rome to counteract Israeli policy

GMT 12:48 2017 Thursday ,23 February

Iraq forces attack ISheld Mosul airport

GMT 09:25 2018 Monday ,15 January

Mark Wahlberg donates $1.5 million

GMT 08:16 2018 Friday ,12 January

Sit-ins, APCs no solution to issues: PM
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday