Improved performance in the last two months will help Abu Dhabi Commercial Bank (ADCB) maintain net profit growth of around 7.5 per cent for first half of this year, the bank's chief said.
ADCB is also pushing ahead with expansion plans by adding three new branches in the UAE this year and is refurbishing all retail branches with a new corporate logo.
Eirvin Knox, chief executive of ADCB, said the bank would post better results for first six months this year.
"We are progressively growing and optimistic about net profit growth for first half on the same lines as the first quarter. The indicators in the first two months of the second quarter are positive," he said.
"The economy is good and I would think all banks will have another good year," he added.
ADCB earned a net profit of Dh145.24 million for the first quarter of this year, up 7 per cent over the corresponding quarter last year. Total assets, however, shrunk to Dh28.73 billion at the end of March from Dh28.75 billion in December.
The three new branches this year will take the total number of ADCB outlets in the UAE to 40. "Very soon we will open a new branch in the Abu Dhabi Mall. After summer, a new branch will be opened in Dubai followed by a branch in Sharjah."
The bank is also changing its image with a new corporate logo and a new uniform look for all its branches. "We are beginning the process; the new corporate logo is finalised but the whole process will take one year."
Havy investment was made in the new branding exercise, said Knox.
ADCB will finance projects in the UAE and is in negotiations with banks and Dolphin Energy to be part of the syndicate for financing the multi-million dirham gas project.
As talks are still going on, details of actual amount underwritten by ADCB were not disclosed.
Gulf News
