Abu Dhabi Commercial Bank said on Thursday its net profits surged to $830 million in 2011 from $107 million the year before, aided by the sale of its stake in a Malaysian bank for $354 million (Dh1.3 billion).
Last year "was a momentous year for ADCB. We continued to deliver strong performance with record levels of income and profits for the year while remaining prudent in our risk management approach," ADCB chief executive officer Alaa Eraiqat said in a statement.
The bank's annual net profits hit Dh3.045 billion ($830 million) compared to Dh391 million ($107 million) in 2010, the year the lender returned to profit after incurring losses of Dh513 million ($140 million) in 2009 due to exposure to debt-laden entities.
In the second quarter of 2011, ADCB sold its stake in RHB Capital Berhad in Malaysia, gaining Dh1.3 billion ($354 million) and improving the bank's overall capital and liquidity levels, it said.
The sale contributed to an increase in the Bank's ratings by Standard and Poor's in June 2011 to A/A-1, it added.