A Dh1.3 billion asset sale helped Abu Dhabi Commercial Bank (ADCB) creep back into profit in the second quarter in the face of slender profits from the remainder of its business.
ADCB, the capital's second-biggest lender by assets, reported profit for the second quarter of Dh1.33bn (US$362 million) compared with a loss of Dh531m during the same period last year.
The profit was almost entirely accounted for by the one-off gain from the sale in June of a 25 per cent stake in RHB Capital, a Malaysian lender, to Aabar Investments for Dh1.31bn. The sale had helped the bank position itself for greater growth and resulted in a more stable capital base, said Ala'a Eraiqat, the bank's chief executive.
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