Media ININ Economy We Trust
Abu Dhabi 27-10-2019
Abu Dhabi Commercial Bank posted a net profit of AED 4.196 billion at the end of the first nine months of 2019, while net profit of AED 1.413 billion during the third quarter of this year, according to the preliminary financial results of the consolidated entity.
The Group’s operating income was AED 3.272 billion at the end of the third quarter of 2019, an increase of 1% from the second quarter of this year, while the return on equity reached 11.9% year on year.
The cost to income ratio, excluding merger costs, remained at 35.8% at the end of the third quarter of 2019 compared to 39.8% at the end of the second quarter of 2019, reflecting an improvement of 400 basis points as a result of the Bank’s commitment to a disciplined approach to cost and labor management. On savings in cost of merger.
Net loans and advances amounted to AED 250 billion and customer deposits amounted to AED 263 billion, while customer deposits in current and savings accounts accounted for 37.5% of total customer deposits compared to 33.1% at the end of last year.
The Basel III capital adequacy ratio stood at 16.57%, while the Tier 1 ratio stood at 13.19% with a strong capital base in line with regulatory requirements of local banks influencing the banking system / DSIB.
The Group achieved high levels of liquidity with a loan to deposit ratio of 95.0% and a liquidity coverage ratio of 121.2%, exceeding the UAE Central Bank’s minimum requirement of 100%.
Alaa Erekat, CEO, ADCB Group, said: “The good performance of the bank in the third quarter of the year reflects the strong foundations of the new banking group, with a net profit of AED 4.196 billion and continued to deliver an impressive return on equity of 11.9%. “.
He added: “ ADCB continues to move confidently towards the completion of the consolidation process under the umbrella of the new Abu Dhabi Commercial Bank Group.We succeeded in just five months of the completion of the legal merger with Union National Bank on May 1, 2019 in consolidating the branch network and ATMs and adding ADCB identity on all of the Bank’s banking platforms.
