Abu Dhabi Commercial Bank's fourth largest bank profits in the first quarter rose more than 400% after a significant increase in impairment last year because of its great exposure to the NMC health care group.
Abu Dhabi said the net profit from January to March was 1.1 billion dirhams ($ 299.50 million), up 436% on an annual basis and 11% on a quarterly basis.
Alaa Erekat said CEO in the profit statement: This great growth is due to improving the cost of risk compared to the first quarter last year.
In the first three months of 2020, the Commercial Bank announced a 84% decline in net profits as provisions recorded for a decrease of $ 292 million to explore a religion on (SIH) and the Fincelon Group for Payments and faced financial difficulties Last year.
The Bank was a major headquarters of the NMC with an exposure of $ 981 million. The group has undergone the administrative guardian last year after months of disorders on the background of Madi Waters specialized in working on the lading mechanism in its financial statements.
Net fees for AED 704 million in the first quarter of this year, reached 63% on an annual basis and 35% on a quarterly basis.
In an interview with Arabs, Mohamed Ali Yassin, Chief Executive Chairman of Zubai Capital Co., Ltd., said that Abu Dhabi Commercial Bank was able to continue to achieve quarterly profit levels above the billion dirhams, reflecting the effects of Corona had been processed in the right way.
In an interview with Arab, Abu Dhabi commercially achieved a recovery and return to quarterly profitability above the billion dirhams.
He pointed out that the allocations that were spoiled in the first quarter of last year, due to the repercussions of the Corona epidemic, part of them were reversed, which gives a reference to the plan that had been on its agreement since completing the integration deal with the National Union and Al Hilal Bank in 2019, Prompts and improvements after the transaction.
