ADCB H1 profit increases 20% to Dh1.17bn

Abu Dhabi, July 20, 2008 (WAM) - Abu Dhabi Commercial Bank (ADCB) posted its second-biggest quarterly-profit ever, up 34 per cent from the year-earlier period, due to growth in its assets, loans, deposits and operating income, the bank said in a statement yesterday.

ADCB, the third-largest bank in the UAE by market value, has announced more than a billion profit in its first half of 2008 financial results.

CEO Eirvin Knox attributed the growth to the expanding customer base and the bank's commitment for better customer services.

The bank recorded a net profit of Dh1.17 billion, up 20 per cent over
Dh976.4 million recorded in the first half of 2007.

The results show all round growth in assets, loans, deposits and operating income.

"Operating income of Dh2.14bn reflects an increase of 45 per cent over Dh1.47bn recorded in the corresponding period last year. The strong growth in operating income is driven by an increase of 45 per cent in fee income and an increase of 227 per cent in foreign exchange and derivative income," the bank said.

ADCB said its strong second quarter earnings of Dh655.4m reflect an increase of 29.5 per cent over Dh506.2m recorded in the second quarter of last year.

Total assets of Dh128bn, the bank said, represent an increase of 33.5 per cent over Dh96bn recorded at the end of June 2007.