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20 April 2024

ADCB sees 20% growth in '08 profit

By Agencies


Abu Dhabi Commercial Bank (ADCB) said it expects profit this year to rise at least 20 per cent on higher lending to consumers and for projects.

"Profit will rise because of all the project financing and the business in general is very robust," Chief Executive Officer Eirvin Knox told Reuters on the sidelines of an investment conference in Abu Dhabi on Monday. "We are in a high growth economy."

Abu Dhabi's third-largest lender by market value made a profit of Dh2.09 billion in the year to December 31, compared with a revised Dh2.15 billion the year before, it said in a statement on February 4.

The bank's net profit in the fourth quarter rose 10.31 per cent to Dh575 million, dirhams in the year-earlier period, according to Reuters calculations based on earlier financial data.

Shares of Abu Dhabi Commercial closed 0.46 per cent lower on Monday at Dh6.50 per share. (Reuters)