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ADCB posts Dh5.2b earnings for 2019

Staff Report/Dubai
Filed on January 27, 2020
The fourth-quarter operating income was up three per cent year on year to Dh3.293 billion.

(File photo)

Abu Dhabi Commercial Bank (ADCB) on Monday said its net profit hit Dh5.244 billion last year with double-digit annualised return on tangible equity of 11.2 per cent. The bank's fourth-quarter earnings touched Dh1.048 billion.

The results were based on the full-year pro forma financial statements for the combined entity, following the merger between ADCB and Union National Bank (UNB), and the subsequent acquisition of Al Hilal Bank, both on 1 May 2019.

The fourth-quarter operating income was up three per cent year on year to Dh3.293 billion on account of improved cost of funds and operating profit before impairment allowances were up six per cent year on year to Dh2.008 billion.

Eissa Mohamed Al Suwaidi, chairman, ADCB, said 2019 was a transformational year for the ADCB Group.

"The merger with Union National Bank and subsequent acquisition of Al Hilal Bank provided the enlarged group with the scale and efficiency required for a major UAE financial institution. The bank, which now serves over one million customers, benefits from resilience and scale necessary to navigate continued challenges and the financial strength to take advantage of new growth opportunities."

The bank's robust fundamentals have been established through our commitment to best-practice governance, a proactive risk and compliance culture, and a high-performance environment. These have also contributed to an efficient and diligent approach to integration, which has already exceeded expectations in terms of timescale and synergies.

"At the end of a momentous year, the ADCB Group has emerged as a larger and stronger bank, that has once again delivered a robust set of results amid a soft operating environment. The bank has reported a full year net profit of Dh5.244 billion, delivering a return on average tangible equity of 11.2 per cent," Ala'a Eraiqat, group chief executive officer and board member, ADCB, said. -business@khaleejtimes.com



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