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Dubai: Abu Dhabi Commercial Bank's net profit in the first quarter of 2008 rose 10 per cent to Dh517 million against Dh470 million in the same period in 2007.
The bank's assets increased by Dh26 billion to Dh114 billion. Deposits increased by Dh9.6 billion to Dh59.2 billion and loans and advances increased by Dh15.7 billion to Dh80 billion compared with the first quarter in 2007.
Eirvin Knox, chief executive of the bank, said: "The results are attributable to the strategic business initiatives launched in 2007 and early 2008. All businesses performed well in the first quarter, despite interest rate cuts of two per cent."
Knox added that in the first quarter of 2008 the bank launched services targeted at the UAE's affluent, and small and medium businesses. Its retail mortgage business also grew.
"During the first quarter of 2008 ADCB launched services targeted at the UAE's mass affluent, including strong growth in ADCB's retail mortgage business, premium credit cards and the ADCB Privilege Club," he said.
SME Card
"ADCB also targeted small and medium-sized enterprises by launching an SME Card. The card is the first of its kind in the UAE and offers easy payment options and a revolving credit facility tailored to small-and-medium sized businesses, which comprise the bulk of business operating in UAE."
The bank has 43 branches in the UAE and two in India.
The Government of Abu Dhabi, through the Abu Dhabi Investment Council, holds 65 per cent of the bank's capital, while the rest is held by other UAE institutions and nationals. The bank's market capitalisation in December 2007 was Dh25.7 billion.
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