Both sides went into the Round 3 game with an unbeaten 2-0 record, and it was Mega MIS who maintained their flawless start to the season
sports46 minutes ago
Abu Dhabi Commercial Bank (ADCB) on Monday said its net profit hit Dh5.244 billion last year with double-digit annualised return on tangible equity of 11.2 per cent. The bank's fourth-quarter earnings touched Dh1.048 billion.
The results were based on the full-year pro forma financial statements for the combined entity, following the merger between ADCB and Union National Bank (UNB), and the subsequent acquisition of Al Hilal Bank, both on 1 May 2019.
The fourth-quarter operating income was up three per cent year on year to Dh3.293 billion on account of improved cost of funds and operating profit before impairment allowances were up six per cent year on year to Dh2.008 billion.
Eissa Mohamed Al Suwaidi, chairman, ADCB, said 2019 was a transformational year for the ADCB Group.
"The merger with Union National Bank and subsequent acquisition of Al Hilal Bank provided the enlarged group with the scale and efficiency required for a major UAE financial institution. The bank, which now serves over one million customers, benefits from resilience and scale necessary to navigate continued challenges and the financial strength to take advantage of new growth opportunities."
The bank's robust fundamentals have been established through our commitment to best-practice governance, a proactive risk and compliance culture, and a high-performance environment. These have also contributed to an efficient and diligent approach to integration, which has already exceeded expectations in terms of timescale and synergies.
"At the end of a momentous year, the ADCB Group has emerged as a larger and stronger bank, that has once again delivered a robust set of results amid a soft operating environment. The bank has reported a full year net profit of Dh5.244 billion, delivering a return on average tangible equity of 11.2 per cent," Ala'a Eraiqat, group chief executive officer and board member, ADCB, said. - business@khaleejtimes.com
Both sides went into the Round 3 game with an unbeaten 2-0 record, and it was Mega MIS who maintained their flawless start to the season
sports46 minutes ago
A study finds that that seven out of 10 Tunisians aged between 18 and 29 wish to emigrate
mena52 minutes ago
French PM Barnier says the tragedy highlights the need to fight relentlessly against the networks of traffickers
europe1 hour ago
The resignation comes after the media reported tensions at the top of the government between Gray and several political advisers, and revealed that her salary was higher than Starmer's
world1 hour ago
The leader was received by the Jordanian King, Crown Prince of Jordan, and a number of senior officials
uae1 hour ago
Army personnel, using boats and helicopters, have joined rescue efforts, delivering emergency supplies and evacuating those trapped
asia1 hour ago
UK PM cautions that 'a better future will not be won by traumatising, orphaning and displacing another generation'
europe1 hour ago
The figure is the highest single-day number of migrants making the cross-Channel journey this year, surpassing the previous high of 882 set on June 18
world1 hour ago