Financial and Banking News
ADCB Posts First-Ever Profits
Abu Dhabi Commercial Bank (ADCB) has reported its first profit since it wasformed in 1985 by the forced merger of three local banks. The bank announced anet profit of Dh40.3mn ($11mn) for the year, well ahead of its unauditedsix-month profit of Dhl4.45mn (MEES, 3 August). Loan loss provisions of Dhl4.2mntaken during the year were lower than the 1986 figure of Dhl8.5mn. (In 1986 thebank also wrote...