ADCB reports AED1.1b net profit in Q1

ABU DHABI, 1st May, 2017 (WAM) -- Abu Dhabi Commercial Bank, ADCB, reported on Sunday AED1.1 billion in net profit attributable to equity shareholders, marking an 8 per cent increase from the AED1.02 billion recorded in the same quarter of 2016. The bank said the rise in profits was driven by healthy volumes and a strong non-interest income combined with a well-managed cost base. Total net interest and Islamic financing income gained almost 4 percent to AED1.63 billion in the quarter versus AED1.57 billion in the same period last year. Impairment allowances fell almost 10 percent to AED386 million in the first three months of the year from AED352 million in the same period last year. Alaa Eraiqat, board member and group chief executive officer of ADCB, said the bank saw a good start to the year, with top and bottom line growth in the first quarter. Our stringent cost controls to drive efficiency across the bank resulted in a significant improvement in our cost-to-income ratio year-on-year. As a highly disciplined bank, we continue to take measures to address the prevailing economic conditions with a rigorous risk management and cost containment, he added. http://wam.ae/en/details/1395302611328