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Abu Dhabi Commercial Bank reports 2018 Q1 financial results

Abu Dhabi Commercial Bank reported its financial results for the first quarter of 2018.

 

Robust underlying performance 

Outpacing the industry on customer deposit growth, with continued focus on CASA deposits

Strong capital and liquidity position and solid foundation to comply with evolving regulatory requirements

Stable asset quality indicators

Commenting on the bank’s performance Ala’a Eraiqat, Member of the Board and Group Chief Executive Officer, said:

“The Bank had a very good start to the year, reporting strong top and bottom line growth for the first three monthsof 2018, with a net profit of AED 1.207 billion, an increase of 13% quarter on quarter and 9% year on year. Our businesses continue to perform well and our return on average equity of 16.8% continues to be at industry leading levels. In the first quarter of 2018, ADCB has successfully transitioned to the IFRS 9 accounting standard, following the smooth transition to Basel III in the last quarter of 2017, reflecting the Bank’s strong ability to comply with the evolving regulatory environment. Amidst a more controlled regulatory environment, growing competition and volatility in the markets, the Bank successfully launched and priced a USD 750 million RegS/144A bond offering in March 2018, marking the Bank’s first USD public debt issuance since 2015 and first US 144A compliant market issuance since 2009. The strong demand for the issuance was a testament to the continued growth in investor appetite for ADCB’s bonds.

Our results reflect our ability to adapt to the changing environment and our performance has once again demonstrated our stability and resilience.”


Re-disseminated by The Asian Banker

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