Abu Dhabi Commercial Bank net profits of AED 2.8 billion at the end of September

Alaa Erekat.

■ from the source

Abu Dhabi Commercial Bank announced yesterday its financial results for the nine months of 2020, and the following financial results are based on the basis of the initial financial statements of the merged entity, after the completion of the merger process between Abu Dhabi Commercial Bank and Union National Bank and the acquisition of Al Hilal Bank, on the first of May 2019. .

Net profit amounted to 1.366 billion dirhams for the third quarter of 2020, an increase of 11% compared to the second quarter, and a decrease of 3% compared to the same period last year.

The bank recorded a net profit of 2.802 billion dirhams for the first nine months of this year, compared to 4.196 billion dirhams for the same period last year.

Total provisions in the third quarter of this year amounted to 913 million dirhams, an increase of 18% over the second quarter of the same year, as a result of the bank’s conservative approach to setting aside provisions.

Net provisions in the third quarter of this year amounted to 504 million dirhams, a 25% decrease than in the second quarter of the same year, as a result of recovering bad loans and issuing previous provisions. The bank recorded additional allocations in the third quarter of 2020, amounting to 148 million dirhams. With loans from NMC Healthcare Group and Finablr and their subsidiaries, with total allocations amounting to 1.379 billion dirhams, the bank continues to work closely with the legal guardian of NMC Healthcare Group to ensure recovery of outstanding debts.

Customer deposits totaled 244 billion dirhams on September 30, and the average deposit balance reached 255 billion dirhams during the first nine months of this year.

The average balance of loans and advances reached 245 billion dirhams during the first nine months of this year.

Shareholders' equity reached 55 billion dirhams as of September 30th.

Abu Dhabi Commercial Bank Group Chief Executive Officer, Alaa Erekat, said: “ADCB has continued to maintain its strong performance and has succeeded in effectively adapting to the difficult operating conditions and current challenges. the future".

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