Abu Dhabi Commercial Bank (ADCB) continues to get investors back on its side after addressing a combination of issues that had depressed its share price.
Yesterday, shares in the country's third-biggest bank by assets rose to their highest level in more than two years after ADCB said it would make a profit of about Dh1 billion from the sale of its 24.9 per cent stake in RHB Capital, Malaysia's fifth-largest lender.
The sale of the stake to Aabar Investments, owned by the Abu Dhabi Government, has offered some assurance to investors that it will have a big enough cash buffer to sustain any economic difficulties.
The crucial benefit of the stake sale is the release of capital, boosting ADCB's total capital adequacy ratio to 21.1 per cent, from 17.03 per cent at present.
This increases investor confidence that the bank will be able to sustain any downturn in the economy, said Murad Ansari, the vice president of EFG-Hermes in Riyadh.
ADCB bought the stake in the Malaysian lender in 2008 for about Dh4.5bn in what was then hailed as the biggest investment from the Gulf into Malaysia's financial sector.
The bank returned to profit last year, despite putting aside more than Dh1bn as cover for its losses from the restructuring of Dubai World.
ADCB will use the proceeds to replenish its balance sheet, it said in a statement on the Abu Dhabi bourse yesterday.
The bank said the cash would also enable it to focus more on its home market.
"On a standalone basis the bank has made significant progress which has given comfort to investors," Mr Ansari said.
ADCB shares rose for a third day yesterday, advancing 1.2 per cent to Dh3.29. Shares have gained 56 per cent so far this year.
fhalime@thenational.ae
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Zed Books
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Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
