Abu Dhabi, UAEWednesday 21 August 2019

ADCB's fourth quarter net profit climbs 27%, beating estimates

The bank's 2018 full-year net profit jumps 13%

Abu Dhabi Commercial Bank reported a drop in profit in its first reporting period since its three-way merger with UNB and Al Hilal Bank. Courtesy ADCB
Abu Dhabi Commercial Bank reported a drop in profit in its first reporting period since its three-way merger with UNB and Al Hilal Bank. Courtesy ADCB

Abu Dhabi Commercial Bank, the second-largest banking entity in the capital, reported a 27 per cent year-on-year rise in fourth quarter net income, beating analysts' estimates.

Net profit for the 12 month period ending December 31 reached Dh1.36bn, the bank said on Tuesday in a statement.

Three analysts polled by Bloomberg had forecast a median net profit of Dh1.1bn for the period.

Full year net profit rose 13 per cent year-on-year to Dh4.84bn.

Last year, ADCB’s asset base grew by 6 per cent to Dh280bn and net loans to customers increased 2 per cent to Dh166bn. Customers’ deposits in 2018 jumped 8 per cent to Dh177bn while the lender’s loan-to-deposit ratio improved to 94.2 per cent from 100.1 per cent in 2017.

The board of ADCB has recommended cash dividend of Dh0.46 per share for 2018, which is equivalent to 49 per cent of the net income for the period.

ADCB on Tuesday also said its board has approved a merger with Union National Bank to create an entity that will take over Al Hilal Bank and would become the third largest bank in the UAE.

Updated: January 29, 2019 04:06 PM

SHARE

SHARE