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ADCB posts handsome first half net

Abu Dhabi-based ADCB increases first half profit by 11% over corresponding period in 2003

Abu Dhabi-based bank, ADCB, has reported net profit of Dhs304 million for the six month period ending June 30.

The figure is a rise of 11% over the Dhs275 million posted for the same period last year.

Total assets increased by 5% year on year, from Dhs28.8 billion a year ago to Dhs30.3 billion.

“The successful results we are witnessing are a direct result of the planned series of strategic business initiatives we have undertaken over the last year,” said Eirvin Knox, CEO of ADCB.

“During this year we have focused on the difficult task of rebuilding the foundations upon which we can construct sustainable success. Tremendous effort has gone into creating a new and powerful dynamic, which I am confident will provide the sustained momentum we need to forge ahead with continued success for the rest of 2004.”

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