Abu Dhabi Commercial’s net profit of 2.8 billion dirhams in 9...

Abu Dhabi Commercial’s net profit of 2.8 billion dirhams in 9...
Abu Dhabi Commercial’s net profit of 2.8 billion dirhams in 9...

Abu Dhabi Commercial Bank announced today its financial results for the nine months of the year 2020. The following financial results are based on the preliminary financial statements of the merged entity following the completion of the merger between Abu Dhabi Commercial Bank and Union National Bank and the acquisition of Al Hilal Bank on the first of May 2019.
Net profit amounted to 1.366 billion dirhams for the third quarter of 2020, an increase of 11% from what it was in the second quarter and a decrease of 3% compared to the same period last year, which represents a return on equity of 12%. The bank recorded a net profit of 2.802 billion dirhams for the nine months of this year, compared to 4.196 billion dirhams for the same period last year.
Net provisions in the third quarter of this year amounted to 504 million dirhams, down by 25% from what they were in the second quarter of the same year, as a result of recovering bad loans and releasing previous allocations. The bank recorded additional allocations in the third quarter of 2020 amounting to 148 million dirhams related to the loans of NMC Healthcare Group and Finablr and their subsidiaries, with total provisions amounting to 1.379 billion dirhams. The bank continues to work closely with the legal guardian of the NMC Healthcare Group to ensure recovery of outstanding debts.
Low-cost customer deposits in current and savings accounts increased by 14% from what they were at the end of last year, to reach 116 billion dirhams on September 30, 2020, to constitute 48% of total customer deposits, compared to 39% from what they were at the end of last year. Customer deposits totaled 244 billion dirhams on September 30, and the average deposit balance reached 255 billion dirhams during the nine months of this year.
Net loans and advances amounted to 243 billion dirhams as of last September 30, an increase of 2% compared to the second quarter of this year and a decrease of 2% compared to the same period last year as a result of some major companies paying their loans by the end of June 2020 and reducing the risks related to the individual loan portfolio. The average balance of loans and advances reached 245 billion dirhams during the nine-month period of this year.
Alaa Erekat, CEO and Board Member of Abu Dhabi Commercial Bank Group, said: “ADCB has continued to maintain its strong performance and has succeeded in effectively adapting to the difficult operating conditions and current challenges, and the highest priority for the bank at the present time is to build a solid base that qualifies us to move forward in the process. Future growth ».

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