Abu Dhabi Commercial Bank (ADCB) – the third
largest bank in the United Arab Emirates and second largest in Abu
Dhabi by assets – has reported a net profit of AED391m ($106.4m)
for the 12 months to 31 December, compared to a net loss of AED513m
in the prior year.
Net interest income increased 12% to AED3.86bn
while ADCB’s net interest margin inched up by 6 basis points to
2.57%.
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Non-interest income increased by 10%
year-on-year to AED1.66bn.
Other highlights included a 130 basis points
reduction in ADCB’s cost-income ratio during fiscal 2010 to
30.9%.
ADCB’s NPL ratio increased by 60 basis points
during the year to 5.8%.
Net impairment allowances for 2010 of
AED3.29bn were down 12% from the previous year.
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By GlobalDataCustomer deposits increased by 23% to
AED106bn; lending growth of only 5% to AED123bn helped to reduce
ADCB’s loan to deposit ratio to 116% (FY: 139%).
