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ADCB sees 38% higher profits in 2021; dividends proposed

ADCB sees 38% higher profits in 2021; dividends proposed
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Abu Dhabi - Mubasher: The net profits attributable to the equity holders of Abu Dhabi Commercial Bank (ADCB) hiked by around 38% to AED 5.24 billion in 2021, compared to AED 3.81 billion in 2020, according to the bank's consolidated financials for the year ended 31 December 2021.

The bank's net interest income and income from Islamic financing declined to AED 8.86 billion in 2021 from AED 9.78 billion in the previous year.

The bank's assets reached AED 440.278 billion as of 31 December 2021, up from AED 411.156 billion as of 31 December 2020.

The basic and diluted earnings per share (EPS) settled at AED 0.73 last year, compared to AED 0.51 in 2020.

Meanwhile, the bank's board has recommended a cash dividend distribution of AED 0.37 per share, aggregating at a total value of AED 2.574 billion.

The bank's Chairman, Khaldoon Al Mubarak, said: "ADCB’s strong financial performance in 2021 was underpinned by strong business fundamentals, with the additional benefits resulting from the merger in synergies and cost savings evidenced in our financial and operating results."

Meanwhile, the CEO of ADCB, Ala'a Eraiqat, commented: "We capitalised on an active lending pipeline to extend AED 40 billion in new credit to targeted economic sectors, including government-related entities, in line with our five-year strategy. Meanwhile, significant corporate repayments reduced concentration risk in certain sectors, such as real estate."

It is noteworthy to mention that during the first nine months (9M) of 2021, ADCB's net profits increased by 36% to AED 3.798 billion from AED 2.797 billion in the year-ago period.