In a private address, the Republican presidential candidate attacks prosecutors involved in his criminal indictments
americas6 hours ago
Abu Dhabi Commercial Bank (ADCB) on Sunday announced a Dh1.413 billion net profit for the third quarter of 2019, a decline of 13 per cent due to fall in interest income.
Net interest and Islamic finance income fell to Dh2.52 billion in the third quarter, down nine per cent year-on-year.
The bank announced that it would complete post-merger integration with Union National Bank and Al Hilal Bank ahead of schedule and also exit Kuwaiti and Qatari markets.
Its end-to-end integration timeline has been reduced by half to 17 months, bringing forward the completion date to the second-quarter of 2020.
"We have boosted shareholder value through an upward revision to our cost synergy target, from the preliminary assessment of Dh615 million to Dh840 million annually," said Ala'a Eraiqat, group CEO of ADCB.
The UAE bank has started exiting overseas operations as part of its strategy to focus on the local market. "Following the sale of the majority of our banking portfolio in India to DCB Bank, we are well on track to exit our operations in the Indian market. We have also initiated the process of exiting our operations in Qatar and Kuwait, and have informed the respective authorities accordingly," said Deepak Khullar, group CFO of ADCB.
Group operating income reached Dh3.272 billion in the third quarter, up 1 per cent sequentially. It reported pro forma net profit of Dh4.196 billion for the nine-month period in a challenging economic environment, marked by muted credit growth. Operating income for the nine-month period of Dh9.919 billion compared to Dh10.575 billion in the previous year. The group's net loans totalled Dh250 billion while customer deposits reached Dh263 billion.The bank's total assets stood at Dh407 billion as at 30 September 2019. Following the merger with Union National Bank (UNB) and acquisition of Al Hilal Bank, the Bank is continuing with a comprehensive purchase price allocation process, which is expected to be completed by the first quarter of 2020. Eraiqat said they remain positive on the long-term outlook for the UAE economy, which will be driven by continued investment in social and economic initiatives to promote sustainable growth.Its shares last closed at Dh7.570 on Sunday.
- waheedabbas@khaleejtimes.com
In a private address, the Republican presidential candidate attacks prosecutors involved in his criminal indictments
americas6 hours ago
Stronger-than-expected earnings in coming weeks could help allay investor concerns
markets6 hours ago
Fed decision brings bulls back to the market
markets6 hours ago
The Dubai South region is still untouched and offers attractive investment opportunities
business6 hours ago
Deshpande claimed two wickets and gave away 35 runs in his four-over spell as Chennai, who made 167 for nine, restricted Punjab to 139 for nine
cricket6 hours ago
Hill rose to prominence with his portrayal of Yosser Hughes in the acclaimed BBC TV drama 'Boys from the Blackstuff'
entertainment7 hours ago
The rains have also triggered landslides and the partial collapse of a dam
world7 hours ago
Oil revenues reached 181.922 billion riyals
business7 hours ago