While the shares of most banks in the United Arab Emirates have picked up in the second half of the year, in spite of ongoing worries over bad loans, one lender in particular has shone.
Even after a modest correction in November, shares in Abu Dhabi Commercial Bank have soared 43 per cent so far in the second half of 2010, compared with the 9 per cent gain of the Abu Dhabi Stock Exchange (ADX) in the same period.
The recent performance of ADCB’s stock is largely a reward for its openness over the extent of its dud loan and investment portfolios, say analysts and fund managers.
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