12 June 2006
ADCB Is Best Local Currency FX Trading Bank in UAE
Abu Dhabi Commercial Bank, ADCB, has voted the best Bank in UAE for UAE dirham trading in Euromoney's 2006 Foreign Exchange Survey. Euromoney's polls and awards set benchmarks within the banking industry and indicate the relative positions of financial institutions in the market.
Eirvin Knox, Chief Executive Officer said, "we are delighted to announce that we have been awarded first place in the prestigious Euromoney Foreign Exchange Survey. ADCB has been awarded the 2006 Best Local Bank Trading UAE Dirham. This award is testament to the overall satisfaction of our clients with our services and the value that we provide to their businesses. It also demonstrates our commitment to the local market and the continued growth of our trading desk, Mr. Knox concluded.
The strong position in derivatives is very complimenting to our infrastructure corporate advisory joint venture with Macquarie Bank said Knox. We are now the market leader for advising, financing as well as owning and operating infrastructure in the UAE Knox added.
Over the last 12 months ADCB has been aggressively building and expanding its treasury business and now offers a comprehensive range of treasury products and services including foreign exchange, interest rates, metals and energy derivatives. Jim Coleman, Head of Treasury and Investments commented "We have been putting a tremendous amount of work into various initiatives within treasury and this award clearly demonstrates that our strategy is working. It is not just through dirham trading that we are being noticed - we have also achieved a 10 fold increase in turnover throughout our business through competitive pricing and superior services to our clients."
During the first quarter of 2006, ADCB announced a net profit of Dh623 million against Dh221 million for the corresponding period in 2005, an increase of 182 per cent. During the three month period, total assets rose by Dh10.2 billion to Dh67.7 billion while loans and advances grew by Dh5.1 billion to Dh47.2 billion. Funding the increases were derived from customer deposits growth which increased Dh9.8 billion to reach Dh43.7 billion at the end of March.
ADCB is one of the UAE's leading financial institutions, and its strong performance for the first quarter of 2006 can be attributed to the bank's ability to execute on a series of strategic business initiatives.
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