ADCB reports nine month 2017 net profit of AED 3.2 bn, up 2% year on year

Abu Dhabi Commercial Bank PJSC (ADCB) reported on Sunday its financial results for the nine month period ended 30 September 2017, posting a 2 percent increase in net profit of AED 3.2 billion, whilst maintaining a healthy return on average equity (ROAE) of 15 percent for the nine month period.

Delivering a strong performance with stable key indicators, the ADCB said total net interest income and Islamic financing income was up 8 percent to AED 4.983 billion.

''Operating income of AED 6.585 billion was up 4 percent, while operating expenses of AED 2.147 billion was also up 4 percent, which resulted in a stable cost to income ratio of 32.6 percent compared to 32.7 percent in the nine months of 2016,''the ADCB said in a press release.

The financial statement showed that total assets grew 1 percent to AED 260 billion and net loans and advances to customers increased 5 percent to AED 166 billion over 31 December 2016. Deposits from customers increased 5 percent to AED 163 billion.

''Capital adequacy ratio of 18.47 percent and tier I ratio of 15.25 percent, compared to capital adequacy and tier I ratios of 18.92 percent and 15.66 percent respectively as at 31 December 2016,'' the report noted.

Ala’a Eraiqat, Member of the Board and Group Chief Executive Officer, commented on the results: " The Bank’s results for the nine month period are encouraging and reflect the continued successful execution of our strategy against the softer economic environment.'' ''ADCB is well positioned to benefit from the long-term growth prospects of the UAE economy. Our strategy is efficient, our business model is strong and we remain committed to deliver value for all our stakeholders," he added.

Deepak Khullar, Group Chief Financial Officer, said:''We continue to position ourselves as disciplined and efficient and continue to focus on measured and sustainable growth."