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News Article

18 March 2009

In its 5th Annual Media Gathering ADCB confirms its continued business growth

Abu Dhabi, 18 March 2009: Mr. Ala’a Eraiqat Chief Executive Officer, ADCB confirmed the strong position and good performance of the bank and the persistent contribution of ADCB in the banking sector in the UAE and region.

In his speech last night during the 5th annual media gathering held in the Head Office, Mr. Ala’a Eraiqat, CEO, ADCB said “Abu Dhabi Commercial Bank plays a fundamental role in the economic development of Abu Dhabi and the UAE in general, through financing projects in diverse business sectors.”

Although the financial markets worldwide is facing liquidity shortage, however ADCB is well positioned to achieve its goals and realize its ambitions thanks to the continued support and strategic initiatives by the Government of Abu Dhabi to further enhance confidence in the banking sector by injecting additional capital into the Abu Dhabi financial institutions.

Mr. Eraiqat stated that “Despite the current global economic crunch, ADCB have achieved a total income for 2008 of AED 4.42 billion, an increase of 16% over 2007, operating profit before provisions grew 3.6%.”

“The Board of Directors have also taken more precautionary measures lately to ensure that the Bank remains stable during 2009 to withstand the turmoil continuing in the international markets. We are confident of our approach, the bank’s management and staff dedication and the bank’s core business continues its strong performance through 2009.” Mr. Eraiqat pointed out.

ADCB has carried on its successful business achievements in the banking sector across the UAE in general and Abu Dhabi in particular. The Bank has also benefited from the funds injected by the Ministry of Finance and the Central Bank to facilitate the liquidity necessary to enhance the credits and loans increasing finance demands by the public and private sectors.

“I would like to assure you that, at ADCB, we have a clear vision for our future as an important contributor to the growth of the UAE and its economic success.” Mr. Eraiqat concluded.

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