Abu Dhabi Commercial Bank reported a 13 per cent decline in pro-forma net profit for the three months to September 30 as interest income fell, but said the integration of its three-way merger with Union National Bank and Al Hilal Bank was progressing much quicker than expected.
Net profit for the three months to September fell to Dh1.41 billion as operating income fell 7 per cent year-on-year to Dh3.27bn. The figures are based on results for the combined entity.
"ADCB’s end-to-end integration timeline has been reduced by half to 17 months, bringing forward the completion date to the second quarter of 2020. Building on this momentum, we have boosted shareholder value through an upward revision to our cost synergy target, from the preliminary assessment of Dh615 million to Dh840m annually," group chief executive Ala'a Eraqait said in a statement. "The bank is quickly moving to realise synergies, and our commitment to a rapid and effective integration has already delivered significant savings."
All ADCB and UNB branches as well as their ATM networks, were integrated earlier this month, the lender said, with the ADCB brand now rolled out "across all physical and digital channels".
It now has a network for 72 branches and more than 450 ATMs. The group also also said it has completed the integration of Al Hilal Bank onto its platform, although the Islamic lender will retain its own brand identity.
Results for the nine-month period show ADCB's net profit dropped 14 per cent to Dh4.2bn, as operating income fell 6 per cent to Dh9.92bn.
The bank's loan-to-deposit ratio also jumped to 95, from 91.2 at the start of the year despite net loans and advances falling 4 per cent to Dh249.53bn year-to-date. That is because deposits from customers fell 8 per cent to Dh262.53bn. The lower level of deposits was attributed to the bank's "conscious decision to exit expensive time deposits", the bank said, whereas repayments by corporate customers and fair value adjustments were the two reasons given for the decline in its loan book.
Total assets stood at Dh407bn at the end of the period.
The bank's cost-to-income ratio is higher than it was prior to the merger, which the bank said was due to higher ratios at both UNB and Al Hilal Bank. One area in which it will reduce costs, however, will be in withdrawing from international markets.
"Following the sale of the majority of our banking portfolio in India to DCB Bank, we are well on track to exit our operations in the Indian market. We have also initiated the process of exiting our operations in Qatar and Kuwait, and have informed the respective authorities accordingly," the bank's chief financial officer, Deepak Khullar, said.
ADCB's earnings "came ahead of our expectations", primarily as a result of higher fee income, Aya Abdallah, an analyst at CI Capital, said.
"The upward revision in cost synergy guidance initially marked a positive surprise. However, it was met by a slightly lower upward revision in integration costs, which served to dilute the former. We remain vigilant for the updates pertaining to the timeline of the merger," Ms Abdallah said.
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
UAE currency: the story behind the money in your pockets
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
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Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
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Results
Stage 5:
1. Jonas Vingegaard (DEN) Team Jumbo-Visma 04:19:08
2. Tadej Pogacar (SLO) UAE Team Emirates 00:00:03
3. Adam Yates (GBR) Ineos Grenadiers
4. Sergio Higuita (COL) EF Education-Nippo 00:00:05
5. Joao Almeida (POR) Deceuninck-QuickStep 00:00:06
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates 17:09:26
2. Adam Yates (GBR) Ineos Grenadiers 00:00:45
3. Joao Almeida (POR) Deceuninck-QuickStep 00:01:12
4. Chris Harper (AUS) Team Jumbo-Visma 00:01:54
5. Neilson Powless (USA) EF Education-Nippo 00:01:56
UAE currency: the story behind the money in your pockets
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.
The tours
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.
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.
- Abdullah Ishnaneh, Partner, BSA Law
Killing of Qassem Suleimani
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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