Abu Dhabi Commerical Bank (ADCB) announced net profits of AED391m ($106m) for the full year 2010, comparing favourably with its 2009 results when the bank made a net loss of AED513m.
Fourth quarter net profit for 2010 was AED371m.
Total assets were more than AED178bn, up 11 per cent since last year. Customer deposits reached AED106bn, up 23 per cent and net loans increased to AED123bn, up five per cent. The loan-to-deposit ratio decreased from 151 per cent in March 2009 to 116 per cent in December 2010.
“The most significant development in 2010 was the successful acquisition of the UAE retail banking, wealth management and SME [small and medium enterprise] businesses of the Royal Bank of Scotland (RBS),” says chief executive Ala’a Eraiqat. “This was the first acquisition in UAE of an international bank’s franchise by a local bank and resulted in substantial growth of our consumer banking business.”