Apr 24 2012 |
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Abu Dhabi Commercial Bank reports first quarter 2012 net profit of AED 802 MN compared to AED 583 MN in the first quarter 2011
Abu Dhabi, 24 April 2012 - Abu Dhabi Commercial Bank PJSC ("ADCB" or the "Bank") today reported its financial results for the first quarter of 2012 ("Q1'12").Year on year highlights (Q1'12 vs. Q1'11):
- Net profit at AED 802 mn, an increase of 38% over Q1'11
- Operating income at AED 1,584 mn, an increase of 19%
- Net impairment allowance charges at AED 287 mn compared to AED 399 mn in Q1'11, 28% lower
- Net interest margin at 3.02% compared to 2.52% in Q1'11, an improvement of 50 bps
- Cost to income ratio at 32% compared to 30% in Q1'11 while continuing to invest in our businesses
- ROE of 14.74% and ROAA of 1.49% compared to 12.34% and 1.08% respectively in Q1'11
- Focus on liability gathering and disciplined lending, loan to deposit ratio reported at 108.22% compared to 110.94% as at 31 March 2011
- NPLs were at 5.5% and provision coverage was 70.4% as at 31 March 2012
- Portfolio impairment balance was AED 2,073 mn and 1.61% of credit risk weighted assets as at 31 March 2012
- Strong capitalisation and liquidity levels, CAR at 23.19% and Tier I ratio at 16.62% as at 31 March 2012
Ala'a Eraiqat, member of the Board and Chief Executive Officer, commented on the results:
"I am proud to announce that the Bank registered a net profit of AED 802 mn for the first quarter of 2012, 38% increase year on year. We continue to benefit from the favourable economic environment in the UAE and we remain committed to our UAE centric growth strategy. These results confirm our ability to execute and deliver long-term sustainable value for our customers and shareholders."
Deepak Khullar, Group Chief Financial Officer, commented on the results:
"We have made a good start to 2012 with first quarter revenues climbing 19% year on year to AED 1,584 mn and operating profit before impairment allowances at AED 1,078 mn, an increase of 20% year on year.
This success can be attributed to the effective management of our balance sheet, achieving 5% deposit growth year on year whilst maintaining a controlled loan growth strategy and improving the loans to deposit ratio from 110.94% as at 31 March 2011 to 108.22% as at 31 March 2012.
We remain focused on improving our operational efficiency with cost to income ratio maintained at 32%."
Awards
February 2012
ADCB won two awards at the National Career Exhibition in the UAE, "Human Resources Award in the Banking & financial Sector 2011" and "Best Woman Award in the Banking & Financial Sector 2011"
March 2012
ADCB was named 'Most Improved Islamic Bank in the Middle East' by the leading international finance magazine Euromoney
Second year in a row, ADCB was awarded the Best SME Account award for its ''BusinessEdge Free Zone Platinum Account''. Adding to this success, ADCB was also awarded the Best SME Trade Finance Offering for its 'BusinessEdge Trade 360'
ADCB was named "The Best Retail Bank in the UAE" for the fifth year in a row by The Asian Banker and "The Best Retail Bank in the Gulf Region"
About
ADCB
:
ADCB
was formed in 1985 and as at 31 March 2012 employed over 3,500 people from 49 nationalities, serving approximately 455,000 retail customers and over 34,000 corporate and SME clients in 47 branches, 4 pay offices and 1 service centre in the UAE, 2 branches in India and 1 offshore branch in Jersey. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 183 bn as at 31 March 2012.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 March 2012, ADCB 's market capitalisation was AED 17 bn.
For further details please contact
Investor Relations
Denise Caouki
E: adcb_investor_relations@adcb.com
Corporate Communications
Majdi Abd El Muhdi
E: majdi.a@adcb.com
Abu Dhabi Commercial Bank
Salam Street
P. O. Box: 939, Abu Dhabi
http://www.adcb.com
United Arab Emirates
This document has been prepared by Abu Dhabi Commercial Bank PJSC ("ADCB") for information purposes only. The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. This document is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law or reputation.
The material contained in this press release is intended to be general background information on ADCB and its activities and does not purport to be complete. It may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. It is not intended that this document be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending on their specific investment objectives, financial situation or particular needs.
This document may contain certain forward-looking statements with respect to certain of ADCB 's plans and its current goals and expectations relating to future financial conditions, performance and results. These statements relate to ADCB 's current view with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond ADCB 's control and have been made based upon management's expectations and beliefs concerning future developments and their potential effect upon ADCB .
By their nature, these forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond ADCB 's control, including, among others, the UAE domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact and other uncertainties of future acquisition or combinations within relevant industries.
As a result, ADCB 's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in ADCB 's forward-looking statements and persons reading this document should not place reliance on forward-looking statements. Such forward-looking statements are made only as at the date on which such statements are made and ADCB does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.
© Press Release 2012
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