Abu Dhabi Commercial Bank has reported a net profit of AED3.483 billion during the first nine months of 2018.
ABU DHABI, (Pakistan Point News - 22nd Oct, 2018) Abu Dhabi Commercial Bank has reported a net profit of AED3.483 billion during the first nine months of 2018.
"We are pleased with the Bank’s performance for the nine-month period of 2018. Net profit for the third quarter was up 5% year on year, while year-to-date net profit was up 9% over the prior year, with a solid return on equity of 15.7," Ala’a Eraiqat, Member of the Board and Group Chief Executive Officer, commented on the results.
"The Bank continues to focus on creating sustainable value for all our stakeholders through economic cycles within a robust governance and risk framework," he added.
"Central to our approach is implementing strict discipline in pricing risk and on managing exposure and concentration, enforced by board and management level committees. At a time when the financial services industry is changing rapidly, including the implementation of Basel III and IFRS9, ADCB is focused on stringent compliance with industry and market regulations, while engaging proactively with regulators to ensure that the Bank stays ahead of the curve. Implementing the highest levels of governance concerns the whole organisation and requires significant focus. Therefore culture metrics account for a high portion of our employees’ performance assessments to promote ADCB’s ethical and service values: integrity, respect, ambition, discipline and care."
Deepak Khullar, Group Chief Financial Officer, said, "The Bank posted a strong set of results for the third quarter with top and bottom line growth remaining healthy over the previous year. For the nine-month period of 2018, operating income of AED 6.937 billion was up 5%, and operating profit (after impairment allowances) of AED 3.476 billion was up 8% year on year."
"Net loans were up 1% year to date, with the Bank continuing to de-risk its unsecured retail loan portfolio, while growing its Wholesale Banking loans by 5%. Customer deposits were up 4%, mainly on account of an increase in corporate time deposits," he added.
In October 2018, the Bank’s credit rating was re-affirmed by S&P at A/Stable/A-1, a testament to our well-established franchise, stable management, and balanced earnings generation across different business segments. Our capital ratios remain strong, with a CET1 ratio of 12.98% and total car of 16.90% as at 30 September 2018.
"This has been another good quarter for the Bank, with improvements in profitability, as we continue to invest significant resources in our business within a strong control framework," Khullar added.
