Abu Dhabi Commercial Bank, the UAE’s third-largest lender by assets, may divest from Abu Dhabi Commercial Properties (ADCP), its wholly owned property management services subsidiary.
The lender has entered into discussions on the potential sale, it said on Tuesday in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
“In line with Abu Dhabi Commercial Bank’s strategy to focus on growth of core businesses, the bank is evaluating the opportunity to divest [from] ADCP,” ADCB said.
ADCP, one of the largest property management services providers in the UAE, has a portfolio of more than 2,000 buildings, representing more than 57,000 residential and commercial units across the UAE.
Disclosing its intention to exit from the property management services, the bank said: “This process may or may not result in a transaction, and ADCB will update the market if and when there are material developments in line with the bank’s commitment to the highest standards of regulatory disclosure.”
ADCB reported a 12 per cent annual increase in second-quarter net profit, largely driven by higher interest rates and non-interest income amid an improving UAE economy.
Net profit for the three months to end of June climbed to Dh1.57 billion ($428 million).
Total net interest income and income from Islamic financing rose 11.25 per cent to Dh2.57bn.
Impairment allowances declined 3 per cent annually to Dh655m, from Dh678m, as operating expenses rose 22 per cent to Dh2.2bn in the second quarter.
The bank reported a first-half net profit of Dh3.05bn, up 20 per cent a year as net interest income rose 6 per cent to 4.71bn.
While the rising interest rate environment has helped the bank to boost its interest income in the first half of the year, non-interest income rose 10 per cent to Dh924m in the second quarter on an annual basis.
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
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