Financial and Banking News


ADCB Reports First Profit

Abu Dhabi Commercial Bank (ADCB), which was formed in 1985 by the forced merger of three small local banks and has been losing heavily since then, has now reported its first profit, with net income for the first half of 1987 declared at Dh 14.45mn ($3.9mn). In 1986 ADCB lost Dh67.3mn ($18.3mn) and its accumulated losses in 1984 and 1985 totalled Dh372mn ($101.4mn). According to a bank announcement last week, ADCB has...