Abu Dhabi Commercial Bank net profit of 209 million dirhams during the first quarter of the year 2020.
According to the Emirates News Agency, operating profit increased by 8%, excluding merger costs, to 2.293 billion dirhams compared to the same period last year, which is mainly due to savings resulting from Mergers and higher revenues, according to the bank's financial results. The net income from interest and Islamic financing operations increased by 6% to reach 2.789 billion dirhams, compared to the same period last year, while the cost of interest improved by 29% to reach 1.606 billion dirhams, which reflects the bank's ability to adapt under the exceptional circumstances the world is going through. A total of 2.644 billion dirhams of cash dividends were distributed to shareholders during the first quarter of the year 2020, for the year 2019, while the total shareholders ’equity amounted to 49 billion dirhams at the end of the first quarter of The year 2020, while the net loans and advances amounted to 247 billion dirhams, and customer deposits amounted to 263 billion dirhams, as of March 31, 2020. Customer deposits in current and savings accounts increased by 6 billion dirhams from what they were at the end of the last quarter of 2019, and by 6% compared to what they were at the end of last year To reach 108 billion dirhams as of March 31, 2020, while customer deposits in current and savings accounts improved to constitute 41.1% of total customer deposits compared to 38.9%. The following financial results are based on the preliminary financial statements of the merged entity after completing the merger process between Abu Dhabi Commercial Bank and Union National Bank and then the acquisition of Al Hilal Bank on the first of May 2019.As part of the Abu Dhabi Commercial Bank’s participation in the citizens ’loan restructuring program, the citizens’ loans program launched by the Central Bank, the interest rate has been reduced on approximately 4 billion dirhams of loans Citizen Clients The bank bears the difference between the contracted interest rate and the adjusted price over the life of the loan, and 2,670 citizens have benefited from it.
In a related context, the bank succeeded in completing all the stages of the merger within a time frame that did not exceed 11 months, i.e. less than half of the time period previously determined after the announcement of the merger between Abu Dhabi Commercial Bank and Union National Bank and the acquisition of Al Hilal Bank in May 2019, where the targeted savings were revised and adjusted from 840 million dirhams to one billion dirhams.
The bank has already made savings of 185 million dirhams at the end of the first quarter of 2020 and is now moving forward to achieve savings of 75% of the targeted savings by the end of 2020 and is scheduled to All savings from the merger will be realized during the year 2021 as planned.
