Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

ADCB profit grows 26% in first quarter  Join our daily free Newsletter

MENAFN - Khaleej Times - 23/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1.

however net profit rose 22 per cent year-on-year. non-interest income was 24 per cent higher in the first quarter to dh520 million while net fees and commission income grew 33 per cent to dh285 million the second biggest lender by assets said in a statement to abu dhabi securities exchange. net impairment allowance charges at dh174 million 12 per cent lower over previous quarter. the lending reported strong capitalisation and liquidity levels capital adequacy ratio at 20.15 per cent and tier i ratio at 15.57 per cent as at march 31 2014.

ala’a eraiqat chief executive officer described the strong performance as “a very good start to the year reporting.”

“all businesses reported a strong performance which demonstrates the underlying strength and diversity of our franchise” the chief executive officer said. ”we are seeing positive signs that the economy is getting stronger and we continue to follow a corporate strategy based on measured growth and discipline. in addition we continue to observe improvements in credit quality reflected in significantly lower impairment charges year on year.”

while adcb’s net loans and customer deposits remained stable over the year end the bank reported a significant increase in casa customer deposits which accounted for 46 per cent of total customer deposits compared to 39 per cent as at year end.

deepak khullar group chief financial officer said: “adcb continued to deliver strong financial results in the first quarter of 2014. net interest income was up 10 per cent year on year primarily driven by a 33 per cent reduction in interest expense resulting from lower eibor and the bank’s conscious efforts to focus on growing stable low cost deposits.”

costs remained well controlled growing in line with operating income and we remain comfortable with our cost to income ratio he added.

excluding the one-off gain arising from retirement of hedges in the first quarter of 2013 non-interest income for the first quarter of 2014 reported an increase of 34 per cent year on year at dh520 million. this was achieved by a combination of a significantly higher net fee and commission income and a higher trading income over the previous year.

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help