The Abu Dhabi Commercial Bank (ADCB) reported net profits of 517 million Emirati dirhams ($140 million) in 2001, which is equivalent to 49.9 percent of the bank’s capital, reported Al-Hayat. ADCB’s Chairman, Fadhel Al-Darmaky was satisfied with last year’s results, considering the global recession that followed the September 11 attacks on the United States.
ADCB was formed in 1985 as a public shareholding company and has a share capital of Dh 1.2 million ($340 Million). The Government of Abu Dhabi through the Abu Dhabi Investment Authority (ADIA) holds 65 percent of the paid up capital, while the 35 percent balance is held by Emirate Institutions and Nationals. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
