The financial statements of Abu Dhabi Commercial Bank showed an increase in the bank's profits by 38% in 2021, on an annual basis, to reach 5.24 billion dirhams.
The bank's results also showed a jump in profits for the fourth quarter of last year by about 44% and by 13% compared to the third quarter of 2021, to reach 1.45 billion dirhams.
The bank's board of directors recommended distributing cash dividends for the past year at 0.37 fils per share, with a total value of 2.57 billion dirhams, equivalent to 49% of net profits.
Khaldoun Al Mubarak, Chairman of the Group Board of Directors, said in a statement to the bank, yesterday, Monday: The strong foundations for Abu Dhabi Commercial Bank have been prepared for a distinguished financial performance in 2021, in addition to the gains that have been made. Through the process of consolidation in terms of consistency in the workflow, and cost reduction which was clearly demonstrated in our financial and operating results.
Al-Mubarak stressed that the strength and durability of the Bank and the dedication of its staff have allowed us to continue providing continuous support to our customers, shareholders and partners during the period that witnessed the ongoing challenges imposed by the pandemic. The Central Bank has contributed to facilitating all of this through cooperation and the successful and effective implementation of the targeted comprehensive economic support plan aimed at strengthening the country’s economy in the post-pandemic phase.
He stated that the increase in fee income had contributed to the revenue support; Meanwhile, Al Hilal Bank and Abu Dhabi Commercial Bank - Egypt have strengthened their role as important drivers of the Group's business growth. Abu Dhabi Commercial - Egypt announced a 32% increase in net profit, based on international financial reporting standards, to EGP 413 million.
