ADCB reports $871m 9-month profit
ABU DHABI, October 23, 2017
Abu Dhabi Commercial Bank (ADCB) reported a 2 percent increase in net profit to Dh3.2 billion ($871.22 million) for the nine-month period ended September 30, compared to the same period last year.
The bank maintained a healthy return on average equity (ROAE) of 15 percent for the nine month period, it said.
Delivering a strong performance with stable key indicators, the ADCB said total net interest income and Islamic financing income was up 8 per cent to Dh4.983 billion.
''Operating income of Dh6.585 billion was up 4 percent, while operating expenses of Dh2.147 billion was also up 4 percent, which resulted in a stable cost to income ratio of 32.6 percent compared to 32.7 percent in the nine months of 2016,'' the ADCB said in a press release.
The financial statement showed that total assets grew 1 percent to Dh260 billion and net loans and advances to customers increased 5 percent to Dh166 billion over December 31, 2016. Deposits from customers increased 5 percent to Dh163 billion.
''Capital adequacy ratio of 18.47 percent and tier I ratio of 15.25 percent, compared to capital adequacy and tier I ratios of 18.92 percent and 15.66 percent respectively as at 31 December 2016,'' the report noted.
