ADCB posts Dh4.84B profit

dubai — Abu Dhabi Commercial Bank (ADCB) reported on Tuesday 13 per cent jump in net profit to Dh 4.840 billion for 2018 underpinned by “record operating income, optimal management of cost of funds and lower impairment charges.”

The bank’s Board of Directors has recommended a cash dividend of Dh0.46 per share, translating to a pay out of Dh2.391 billion, equivalent to 49 per cent of net profit.

Eissa Mohamed Al Suwaidi, chairman, said the bank achieved the result by adhering to its successful strategy that continues to yield solid results.

“In 2018, despite continued headwinds, our net profit improved significantly year on year, our operating income rose to a record high, while all other significant metrics remained healthy. As we continue to grow, we transform the Bank to provide customers with greater choice of products and services and an outstanding banking experience. At the same time, our shareholders continue to benefit from the creation of long-term, sustainable value.”

Ala’a Eraiqat, member of the board and group chief executive Officer said ADCB has once again demonstrated the strength and the resilience required to deliver a strong return for our shareholders.

“We saw our full year net profit rise by 13 per cent, while our quarterly net profit surged 27 per cent over the prior year to a record high. The return on average equity increased to 16.3 per cent from 15 per cent in 2017, delivering stronger shareholder value,” said Eraiqat.

The bank said the record operating income for the year was supported by high net interest margins, while non-interest income was impacted by lower volumes and higher fee and commission related expenses.