17 August 2008
ADCB’s second quarter profit of AED655.4mn up 29.5% over corresponding period in 2007
Abu Dhabi, July 17, 2008:
ADCB’s strong second quarter earnings of AED655.4mn reflect an increase of 29.5% over AED506.2mn recorded in the second quarter of last year. These strong earnings propelled the first half net profit to AED1, 172.5mn up, 20% over AED976.4mn recorded in first half of 2007. The results show all round growth in as assets, loans, deposits and operating income.
Operating income of AED2, 142.8mn reflects an increase of 45% over AED1, 478.8mn recorded in the corresponding period last year. The strong growth in operating income is driven by an increase of 45% in fee income and an increase of 227% in FX and derivative income.
Total assets of AED128bn represent an increase of 33.5% over AED96bn recorded at the end of June 2007. Loans and advances grew to AED91bn which is 34% above the AED68bn recorded at the end of June 2007. Stable deposits of AED97bn grew strongly by 36% over AED71bn recorded at the end of June 2007.
Commenting on the results, Eirvin Knox, CEO of ADCB attributed the growth and excellent performance to the expanding customer base and the Bank’s commitment to provide best value to customers. Mr. Knox stated “The Bank’s three year strategic action plan, FAST FORWARD has focused on customer care, product and service improvement. These pillars are realising solid profits and are the cornerstone for ADCB’s sustainable growth”
Product Initiatives: In Q2 we launched the latest of our innovative products.
ADCB continued to introduce innovative products and services for customers.
“Fast Track Starter Pack”, providing comprehensive solutions for new expatriates to the UAE.
“Lulu MasterCard”, our first co-branded product, the ADCB Lulu MasterCard credit card which enables our customers to earn ‘LuluPoints’.
In the second quarter of 2008, ADCB received the “Sharjah Economic Excellence Award” for the financial sector and also won “Best Retail Bank - UAE” and “Best Customer Loyalty Programme” at The Asian Banker Excellence in Retail Financial Services Awards 2008.
Further, ADCB was awarded the “Best Bank” prize and the “Best Advertising & Marketing” award for the second year in a row at the prestigious Banker Middle East Industry Awards 2008.
“These awards are testament to the overall satisfaction of our customers and the value that we provide to their businesses. It also demonstrates our commitments to sustain growth, profitability and customer expectations, and to maintain performance, innovation, security and quality,” concluded Knox.
People Development/Community Service:
"Corporate social responsibility remains important to ADCB. ADCB has focussed on community issues such as youth education, health and environment and has sponsored and supported diverse activities such as economic, social, educational, cultural and charitable events geared towards serving the society." said Saeed Al Hajeri , chairman of Abu Dhabi Commercial Bank.
‘The Bank sponsored the Leadership Excellence Applied Diploma programme, a national programme organized by ALDAR Properties PJSC, that supports the future leaders of Abu Dhabi. This sponsorship is in line with the Government’s plan to encourage and build the new generation of UAE nationals and enabling them to lead the evolution of UAE,” added the chairman.
"ADCB also sponsored a Chair in International Business at INSEAD. This sponsorship brings Abu Dhabi Commercial Bank and INSEAD, one of the leading and largest business schools in the world, together in a partnership to advance management knowledge and learning in Abu Dhabi." concluded Al Hajeri.
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