"Abu Dhabi Commercial Bank has bought back Dh377.2 million of its own shares, steadying one of the best-performing bank stocks of the year after a recent dip.
The commercial lender, which trades at the most expensive price-to-earnings multiple of any UAE bank, bought 77.6 million shares for Dh4.86 each, the bank said in a statement to the Abu Dhabi Securities Exchange.
The buyback signals the potential for further capital gains for investors in ADCB's shares, which have risen 73.4 per cent in the year-to-date period."
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