Thursday 10 May 2012

ADCB profit to slow down this year - Emirates 24/7

Abu Dhabi Commercial Bank (ADCB) profit to remain strong but growth will slow down this year due to cut-throat competition in the UAE banking sector.

Fitch Ratings said on Thursday it expects profitability of ADCB to remain robust but to grow at a slower pace in 2012 due to strong competition, low loan growth and an increase in funding costs.

ADCB's pre-impairment operating profit has steadily increased by 13 per cent per annum for the past three years. Lower loan impairment charges and a large one-off gain from the sale of its Malaysian associate additionally boosted ADCB's net income in 2011.

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