Abu Dhabi Commercial Bank, the UAE’s third-largest lender, reported a 38 per cent jump in its 2021 net profit on the back of lower impairment charges as the country's economy bounces back from the Covid-19 pandemic.
The total profit attributable to equity holders of the bank for the year climbed to $1.43 billion, the lender said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Impairment charges for the year slid 38 per cent year-on-year to $720 million, while net fees and commission income grew more than 22 per cent to $517m.
“ADCB’s strong financial performance in 2021 was underpinned by strong business fundamentals, with the additional benefits resulting from the merger in synergies and cost savings evidenced in our financial and operating results,” Khaldoon Al Mubarak, ADCB’s chairman said.
“Our unwavering commitment to best practice governance, healthy organisational culture, and balance sheet resilience provide the deep foundations for the Group's success as we continue the execution of our five-year growth strategy, with a relentless focus on the opportunities enabled by our digital transformation.”
Banks in the country are reporting higher profits as the UAE’s economy continues to recover from the pandemic. First Abu Dhabi Bank, Emirates NBD and Dubai Islamic Bank have all posted higher profits for 2021.
ADCB’s fourth-quarter profit jumped 44 per cent to Dh1.4bn as net impairment charges dropped 29 per cent to Dh669m.
Net loans and advances for the full year rose 2 per cent to Dh244bn, while customer deposits jumped 5 per cent to Dh266bn.
“Increased fee income also made a strong contribution to our revenues, while our major subsidiaries, Al Hilal Bank and ADCB Egypt, have made substantial progress towards becoming important engines of growth for the Group,” said Ala'a Eraiqat, ADCB's group chief executive.
ADCB Egypt reported 32 per cent growth in full-year net profit to 413m Egyptian Pounds.
Other key achievements in 2021 included the acquisition of Abu Dhabi Finance’s mortgage portfolio, major progress in the restructuring of NMC, and the bank’s increased role in capital market transactions, it said.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
UAE currency: the story behind the money in your pockets
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
GOLF’S RAHMBO
- 5 wins in 22 months as pro
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- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The White Lotus: Season three
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F1 The Movie
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MATCH INFO
Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)
Rajasthan Royals won by 15 runs
UAE currency: the story behind the money in your pockets
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
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ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
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A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
