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
 May 30 2015 - Etihad Airways profits double to USD73m in 2014MENAFN
(MENAFN) Etihad Airways said its profit rose by more than half to USD73 million last year as it carried more passengers and used its stakes in other airlines, Arab News reported.The government-backed ...

 May 30 2015 - Saudi's SAMA net assets down to USD678.8b in AprilMENAFN
(MENAFN) Net foreign assets at Saudi Arabian Monetary Agency fell to USD678.8 billion in April, down by USD11.8 billion or 1.7 percent from March, Arab News reported.Assets dropped 6.8 percent from a ...

 May 30 2015 - Oman to invest USD7b in Indonesia projectMENAFN
(MENAFN) Oman has committed to invest USD7 billion to build oil storage facilities, a petrochemical plant and a refinery in Indonesia, Arab News reported.Oman also agreed to supply crude oil to the ...

 May 30 2015 - Qatar- Preparations for 2022 World Cup to continueThe Peninsula
(MENAFN - The Peninsula) Qatar yesterday defended its successful bid for the 2022 Fifa World Cup and said it was moving forward with preparations to host the event. Qatar will "cooperate fully with ...

 May 30 2015 - IS seizes control of airport in Libya's Sirte: Tripoli govtThe Peninsula
(MENAFN - The Peninsula) The Islamic State jihadist group has seized control of the airport in the city of Sirte after forces of a Tripoli-based Libyan government withdrew, a spokesman said Friday. ...

 May 30 2015 - 4 dead as Saudi 'foils' attack on Shiite mosque: ministryThe Peninsula
(MENAFN - The Peninsula) A car blast outside a Saudi mosque during Friday prayers killed four people, including its driver, in an attack that was "foiled" by the authorities, the interior ministry ...

 May 30 2015 - Iraq- 85,000 flee Ramadi since IS capture: UNThe Peninsula
(MENAFN - The Peninsula) Around 85,000 people have fled Ramadi since the Islamic State group captured the Iraqi provincial capital two weeks ago, the UN said Friday, warning that Iraqi authorities ...

 May 30 2015 - IS bombs second Saudi Shiite mosque, killing 3The Peninsula
(MENAFN - The Peninsula) An Islamic State jihadist killed three people Friday when he blew himself up in a car outside a Shiite mosque in Saudi Arabia, the second such attack in a week. The bombing, ...

 May 30 2015 - Huthi rebels kill Yemen capital's governor: relativesThe Peninsula
(MENAFN - The Peninsula) Yemen's Shiite Huthi rebels have killed the capital's governor in clashes that erupted during an attempt to detain him, his relatives said Friday. Sanaa governor Abdulghani ...

 May 30 2015 - Yemen's Saleh says Saudi offered him 'millions' to fight HuthisThe Peninsula
(MENAFN - The Peninsula) Yemen's ex-president Ali Abdullah Saleh said in an interview broadcast Friday he had rejected "millions of dollars" Saudi Arabia offered him if he stood up to the Shiite ...

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

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