Abu Dhabi's ADCB posts $38.12m Q4 loss

GRIM TIMES: ADCB will issue a 10% cash dividend for 2008.

Abu Dhabi Commercial Bank made a 140 million dirham ($38.12 million) loss in the fourth quarter compared to a 475.3 million net profit in the same period of 2007, missing analysts' forecasts.

The bank's full-year net profit fell to 1.36 billion dirhams in 2008 from 2.085 billion in 2007, Abu Dhabi Commercial Bank said in a statement, without giving quarterly data, which Reuters calculated from previous financial statements.

Analysts forecast of the bank's fourth quarter profit ranged from 407 million dirhams ($110.82 million) to 475.35 million dirhams ($129.43 million), according to a Reuters survey last month. The average forecast was for a seven-percent fall in profit.

Abu Dhabi Commercial Bank made a profit 1.5 billion dirhams in the first nine months of 2008.

ADCB said it made total provisions of 1.5 billion dirhams in 2008, adding that non-performing loans amounted to 1.26 billion dirhams.
 
The bank will issue a ten percent cash dividend for 2008. (Reuters)

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READERS' COMMENTS

2008 Q 4
Posted by Martin on Wednesday 4 February 2009 at 19:55 UAE time


... and the fourth quarter was still more or less OK; what is their outlook for 2009? Or is there just silence to be heard?

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