Abu Dhabi Commercial Bank (ADCB) has reported a fall in profits for 2008 of 35 per cent to AED1.36bn ($370m), and announced the resignation of chief executive officer Eirvon Knox.
The bank said profits fell due to total provisions of AED1.3bn. The bank made profits of AED2.09bn in 2007.
For the fourth quarter of the year, the bank made a AED140m loss, compared to a profit of AED475.3m in the fourth quarter of 2007.
Shuaa Capital analyst Sofia el Boury says that despite a AED14.5bn rise in deposits, she was “disappointed to witness the bank increasing its loan portfolio during the [fourth] quarter, especially when it was dealing with liquidity issues.”
Eirvon Knox confirmed long running speculation that he would leave the bank. ADCB says he will be replaced by deputy chief executive officer Alaa Eraiqat.
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