Abu Dhabi Commercial Bank said first quarter profit rose 22 per cent as the bank drew in more deposits and gave more loans.
“We are seeing positive signs that the economy is getting stronger and we continue to follow a corporate strategy based on measured growth and discipline,” said Ala’a Eraiqat, the bank’s chief executive. “While our net loans and customer deposits remained stable over the year end, the bank reported a significant increase in current account and savings account customer deposits.”
The UAE economy began to recover last year, growing more than 4 per cent following years of slow growth after the global debt crisis in 2009.
Banks have been one of the main beneficiaries of the boom as low interest rates prompt businesses and individuals to take out loans for expansion or big ticket items like homes and cars.
ADCB, owned 58.08 per cent by the Abu Dhabi Government through the Abu Dhabi Investment Council, had total assets of Dh186bn and a market capitalisation of Dh38bn as of March 31. It has more than 542,000 retail customers and 41,000 corporate and small and medium-sized enterprise customers.
mkassem@thenational.ae
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