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


 


Khaleej Times




  MENA News Headlines
 Oct 20 2014 - Saudi stocks buck trend with healthy gainsArab News
(MENAFN - Arab News) Saudi Arabia's benchmark Tadawul All-Share Index bucked the three-day prevailing downward trend and logged a sharp gain of 2.39 percent on Sunday.The index opened with a largely ...

 Oct 20 2014 - Saudi- NCB pledges conversion to Islamic bank after pressure from scholarsArab News
(MENAFN - Arab News) RIYADH: National Commercial Bank (NCB) has responded to criticism of its operations from Islamic scholars by pledging to convert itself into a full-fledged Islamic bank within ...

 Oct 20 2014 - HE Prime Minister Inaugurates Milipol Qatar 2014Qatar News Agency
(MENAFN - QNA) Under the auspices of HH the Emir Sheikh Tamim bin Hamad Al-Thani, HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani inaugurated the 10th ...

 Oct 20 2014 - HE Prime Minister Meets Commander of Turkey's Aegean ArmyQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Monday with Commander of Aegean Army General Abdullah Atay and ...

 Oct 20 2014 - HE Prime Minister Meets Iran's Police ChiefQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Monday with Chief of Iran's National Police Forces Commander Ismael Ahmadi and the ...

 Oct 20 2014 - Israeli Forces Arrest Four Palestinians from Bethlehem and HebronQatar News Agency
(MENAFN - QNA) Israeli forces arrested early Monday four Palestinians from Bethlehem and Hebron districts, said security sources. Large Israeli troops raided the town of Taqou‘ to the east of ...

 Oct 20 2014 - 20 million to vacation abroad by 2030Arab News
(MENAFN - Arab News) The number of Saudi vacationers spending their holidays abroad will increase sixfold by 2030 a local study revealed.The study carried out by a company specializing in travel ...

 Oct 20 2014 - Student's death in US: Cousin reveals detailsArab News
(MENAFN - Arab News) Several relatives of Abdullah Alkadi the Saudi scholarship student in the US whose body was found late on Thursday more than a month after he went missing are flying to Los ...

 Oct 20 2014 - King orders free treatment for people with special needsArab News
(MENAFN - Arab News) Custodian of the Two Holy Mosques King Abdullah has instructed the Ministry of Social Affairs to pay the treatment costs of people with disabilities at rehabilitation centers. ...

 Oct 20 2014 - S. Korea's Int'l Airline Traffic Grows 9.12 in Q3Qatar News Agency
(MENAFN - Qatar News Agency) Seoul October 20 (QNA) - South Korea's international airline traffic rose 9.1% from a year earlier in the third quarter partly on a rise in the number of flights to and ...

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