Abu Dhabi Commercial Bank (ADCB) announced Wednesday net profit of AED 517mn for the first quarter of 2008 against AED 470 million for the same period in 2007, reflecting an increase of AED 47 million ( +10%).
Total assets increased by AED 26bn from AED 87.9 billion to AED 114 billion, deposits grew by AED 9.6bn to AED 59.2 billion from AED 49.7 billion and loans and advances increased by AED 15.7bn to AED 80 billion from AED 64.3 billion over the corresponding quarter in 2007.
Reflecting on the results, Eirvin Knox, CEO of ADCB, said: "The good results are attributable to the strategic business initiatives we launched during 2007 and early in 2008. All businesses performed well in the first quarter, despite interest rate cuts of 2%." Mr Knox added "During the first quarter of 2008 ADCB launched services targeted at the UAE's mass affluent, including strong growth in ADCB's retail mortgage business, premium credit cards and the ADCB "Privilege Club". ADCB also targeted small and medium sized enterprises by launching an SME Card. The SME Card is the first of its kind in the UAE and offers easy payment options and a revolving credit facility tailored to small and medium sized businesses. Small and medium sized enterprises comprise the bulk of business operating in UAE." Mr Knox concluded "ADCB's TouchPoints programme won Banker Middle East's awards for the "Best Customer Loyalty Programme" and "Best Advertising and Marketing Campaign". WAM
Total assets increased by AED 26bn from AED 87.9 billion to AED 114 billion, deposits grew by AED 9.6bn to AED 59.2 billion from AED 49.7 billion and loans and advances increased by AED 15.7bn to AED 80 billion from AED 64.3 billion over the corresponding quarter in 2007.
Reflecting on the results, Eirvin Knox, CEO of ADCB, said: "The good results are attributable to the strategic business initiatives we launched during 2007 and early in 2008. All businesses performed well in the first quarter, despite interest rate cuts of 2%." Mr Knox added "During the first quarter of 2008 ADCB launched services targeted at the UAE's mass affluent, including strong growth in ADCB's retail mortgage business, premium credit cards and the ADCB "Privilege Club". ADCB also targeted small and medium sized enterprises by launching an SME Card. The SME Card is the first of its kind in the UAE and offers easy payment options and a revolving credit facility tailored to small and medium sized businesses. Small and medium sized enterprises comprise the bulk of business operating in UAE." Mr Knox concluded "ADCB's TouchPoints programme won Banker Middle East's awards for the "Best Customer Loyalty Programme" and "Best Advertising and Marketing Campaign". WAM
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