Abu Dhabi Commercial Bank (ADCB), which reported a more than five-fold increase in its first quarter 2021 net profit, said it is targeting a dividend payout ratio of 50 percent and is looking at over 1 billion UAE dirhams ($272 million) in cost synergy for this year.
In a statement on Sunday to the Abu Dhabi Securities Exchange where it is listed, the UAE’s third-largest lender said its net profit for the first three months soared to 1.121 billion dirhams.
Higher non-interest income of 802 million dirhams, up 17 percent on year, also contributed to the bottom line while operating expenses fell 20 per cent to 1.06 billion dirhams.
Impairment charges declined 63 percent to 704 million dirhams year-on-year.
In the corresponding period last year, the bank took a 1.072 billion dirhams hit in impairments on debt exposure to hospital operator NMC Health and payments group Finablr.
No comments:
Post a Comment