Abu Dhabi – Mubasher: The net profits of Abu Dhabi Commercial Bank (ADCB) decreased by 16% to AED 1.05 billion during the fourth quarter of 2019 from AED 1.24 billion in the same period of 2018, according to the bank’s full-year financial results for 2019.

The full-year net profits, based on the audited financials, dropped to AED 4.79 billion in 2019 from AED 6.126 billion in the prior year.

The decline in profits is due to a decrease in total net-income interest and Islamic financing by 6% to AED 10.45 billion in 2019 from AED 11.098 billion in 2018.

Meanwhile, the bank’s total assets shrank by 4% to stand at AED 405.14 billion in December 2019 compared to AED 423.419 billion in the same period of 2018.

At the same time, the bank’s basic earnings per share (EPS) recorded AED 0.70 in 2019.

Chairman of ADCB, Eissa Mohamed Al Suwaidi, said: “2019 was a transformational year for the ADCB Group. The merger with Union National Bank and subsequent acquisition of Al Hilal Bank provided the enlarged group with the scale and efficiency required for a major UAE financial institution.”

The group CEO and board member, Ala’a Eraiqat, remarked: “Through meticulous preparation and effective implementation, we have met all our integration milestones so far and surpassed our efficiency targets. This progress resulted in the upward revision in October of our full run-rate synergy target to AED 840 million, of which AED 350 million has already been realised.”

It is worth noting that during the third quarter of 2019, ADCB's profits amounted to AED 1.413 billion, compared to AED 1.624 billion in the corresponding quarter in 2018.