Abu Dhabi Commercial Bank Q4 net profit rises 16 per cent | The National

Abu Dhabi Commercial Bank Q4 net profit rises 16 per cent | The National:

"Abu Dhabi Commercial Bank, a titan of the emirate’s banking scene, said yesterday that its net profit surged 16 per cent in the fourth quarter, defying expectations of analysts amid lower oil prices and weakening economic growth in the UAE.

The bank said it escaped the worst effects of falling oil prices in part by reducing exposure to small and medium-sized businesses, a segment that has shown the highest signs of stress and whose bad debts have hit smaller banks most keenly. At the same time, ADCB said it reduced money set aside to cover bad debts in the fourth quarter, a feat achieved only by a handful of lenders.

The bank said its profit in the last three months of the year increased to Dh1.19 billion compared to Dh1.02bn in the same period the previous year."



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