Abu Dhabi / Emirates Business
Abu Dhabi Commercial Bank PJSC (â€œADCBâ€ or the â€œBankâ€) has reported its financial results for the year ended December 31, 2015. Delivering strong performance and long-term value for shareholders ADCB has reported record level of net profit despite a challenging business
As a result of the record performance in 2015, the bank has recommended a cash dividend of 45 fils per share, translating to a pay out of AED 2.3392 billion (excluding treasury shares) equivalent to 47 of net profit.
Commenting on the results, Eissa Mohamed Al Suwaidi, Chairman said, â€œ2015 was another record year for the Bank and our ability to produce such accomplishments in an environment buffeted by lower oil prices and other economic headwinds reflects our differentiation. This is supported by a well-defined and well-executed strategy that we have pursued consistently over the past five years which enabled us to deliver significant growth and rising profitability.
â€œWhile 2016 is expected to be a more challenging year for financial services globally, the Bank will continue to monitor conditions closely and will take action as necessary,â€ added Al Suwaidi.
Commenting on the bankâ€™s performance, Alaâ€™a Eraiqat, Member of the Board and Group Chief Executive Officer said, â€œWe are pleased to report a record year of strong financial results. As in the past years, our success was the result of ambition and discipline. Our ambition is to serve our customersâ€™ needs and to become the most valuable bank in the UAE. Our discipline mandates that we pursue responsible growth.â€
As at 31 December 2015, total assets reached a record of AED 228 billion, up 12 from the prior year. Net profit in 2015 also set a record, rising 17 percent year on year to AED 4.927 billion, whilst net profit attributable to equity shareholders grew 22 percent year on year to AED 4.924 bn. Fee income was up 16 percent over the prior year at AED 1.438 bn, reflection of our increased emphasis on non-interest income generation. Our return on average equity for the year was an industry leading 20.3%. Our margins in 2015 were slightly higher year on year, mainly as a result of our diversified asset base and granular build to our balance sheet.