ADCB repays Dh4bn to government

Payment part of Dh6.6bn loan from Ministry of Finance

Abu Dhabi Commercial Bank PJSC (ADCB) announced on Wednesday that it has repaid Dh 4 billion of a Dh6.6 billion subordinated loan to the UAE Ministry of Finance, having received all necessary approvals from the UAE Central Bank and the UAE Ministry of Finance.

ADCB said that it would like to thank the UAE Government, Ministry of Finance and the Central Bank for their support of all banks and the financial system.

The loan was made to ADCB by the UAE Ministry of Finance in December 2009.

ADCB Chief Executive Officer Ala'a Eraiqat said "It is a tribute to the leadership of the UAE that such visible and tangible support was provided to the financial system at a time of global strain".

Eraiqat added: “ADCB is very strongly capitalised with a Tier 1 ratio of 17.47 per cent and a liquidity ratio of 24 per cent, it was well within the bank's means to be able to repay a large part of this loan prior to the loan's scheduled maturity in 2016.

In January 2013, ADCB announced a full year profit for 2012 of Dh2.81 billion and increased its dividend payment to 25 per cent. It also recently commenced a buy-back of its shares of up to 10 per cent of its issued capital.

 

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