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16 October 2005

ADCB announces third quarter profits for 2005

ADCB announced a record net profit for the first 9 months of 2005 of AED 1,425 million against AED 521 million for the same period last year, an increase of 174 per cent. On a quarterly basis profits grew by 168 percent to AED 581 million, compared to AED 217 million for the third quarter of 2004.

Operating profit for the first 9 months of 2005 has risen to AED 1,888 million, a 143 per cent increase over 2004. Total Assets also increased by 31 per cent from AED 38.393 billion to AED 50.433 billion during the first 9 months of 2005.

Reflecting on the results, Eirvin Knox, CEO of ADCB said: "The success we are achieving is clear evidence of the impact of strategic business initiatives we have undertaken. "Many new business lines have been added in the first 9 months of this year. Among the new initiatives was the launch of our Excellency program, the new internet banking service for companies ADCB@ctive which is one of the most comprehensive, easy to use and secure internet banking platforms available, treasury and investment banking joint ventures with Macquarie Bank, the Nokhitha Fund and Al Dhabi Brokerage Services. In addition, new product launches for consumer mortgages, credit cards and personal loans will all substantially increase core revenues in future periods", according to Knox.

Saeed Al Hajeri, Chairman of ADCB, added "the outstanding financial results of ADCB reflect the continuing close working relationship between the Board and management that has been a critical contributor to the rapid improvement at ADCB in the last two years."

"Also, the Bank's investment in training and developing staff and IT systems continues to be a main focus in order to provide the highest levels of efficiency while significantly increasing customer satisfaction." concluded Mr. Knox

The Ministry of Economics has recently approved a 10 for 1 split of the bank's shares and up to 25% foreign ownership. In addition, the bank's capital was increased from AED 1.5 billion to AED 4 billion through issuing bonus shares and a 1 for 1 rights issue. Total shareholder's funds are now AED 8.075 billion.

These important steps will help broaden the shareholder base and support the bank in taking a bigger role in serving the economic development of Abu Dhabi and the UAE, according to the Chairman, Saeed Al Hajeri.

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