Quotes: US 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


 






  MENA News Headlines
 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

 Jul 24 2014 - Fees and commission boost FHs H1 earningsspanKhaleej Times
(MENAFN - Khaleej Times) Nance House has posted a robust consolidated net-profit of Dh61.Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly income ...

 Jul 24 2014 - Majid Al Futtaim revenues jump 14 in first halfspanKhaleej Times
(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on ...

 Jul 24 2014 - Emirates Reit H1 net profits surges 194spanKhaleej Times
(MENAFN - Khaleej Times) Irates Reit (CEIC) Limited on Wednesday announced that its net profit jumped by 194 per cent to $34.Emirates Reit is the first Shariah-compliant regulated real estate ...

 Jul 24 2014 - NBQ posts Dh186.32m profit in H1spanKhaleej Times
(MENAFN - Khaleej Times) Tional Bank of Umm Al-Qaiwain or NBQ on Wednesday said its 2014 first-half net profit rose to Dh186.In a statement the bank said operating income during January-June 2014 ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help