Company Information

ADCB Group is a leading UAE banking group that provides over 1 million customers with a full suite of products and services, spanning Consumer Banking, Wholesale Banking, Treasury & Investments and Property Management. ADCB operates a network of 54 branches and over 428 ATMs across the UAE.

On  1  May  2019, ADCB and Union National  Bank merged  and the combined  entity acquired Al  Hilal Bank, which operates as a separate Islamic banking entity   under its own brand within the Group. The transaction reinforced ADCB’s position as the third  largest bank in the UAE by assets. As at 31 December 2020, the Group’s total assets stood at AED 411 billion.

ADCB Group, which is 60.2% owned by the Government of Abu Dhabi through the Abu Dhabi Investment Council, trades on the Abu Dhabi Securities Exchange (ADX) under the ticker of ADCB. As at 31 December 2020, ADCB’s market capitalisation was AED 43 billion.

Market: Abu Dhabi
Symbol: ADCB
ISIN: AEA000201011
Industry: Banks
Key Figures (AED’000)        
Income Statement 2017 2018 20191 20202
Total net interest and Islamic financing income 6,701,058 7,219,124 9,241,136 9,782,936
Non-interest income 2,194,266 1,962,321 2,481,004 2,688,311
Operating income 8,895,324 9,181,445 11,722,140 12,471,247
Operating expenses (2,947,581) (3,083,501) (4,517,679) (4,526,341)
Operating profit before impairment allowances 5,947,743 6,097,944 7,204,461 7,944,906
Impairment allowances (1,673,620) (1,265,787) (2,352,054) (3,992,912)
Net profit for the period 4,277,608 4,839,854 4,792,487 3,808,877
Balance Sheet 2017 2018 20193 20203
Total assets 265,003,295 279,830,338 405,094,825 411,156,301
Loans and advances to customers, net 163,282,230 166,425,762 247,833,080 238,975,702
Investment securities 49,191,657 52,362,234 73,442,662 88,205,984
Total liabilities 232,558,355 247,024,795 349,437,033 354,554,913
Deposits from customers 163,078,386 176,653,857 262,093,782 251,395,457
Borrowings 40,555,195 43,027,749 51,882,054 65,396,044
Total equity 32,444,940 32,805,543 55,657,792 56,601,388
Key Indicators (%) 2017 2018 2019* 2020*
Return on average equity (%) 15.0 16.3 10.5 7.0
Return on average assets (%) 1.58 1.71 1.18 0.86
Basic earnings per share (AED) 0.80 0.90 0.70 0.51
Dividends per share (AED) 0.42 0.46 0.38 0.27
Cost to income ratio (%) 33.1 33.6 39.6 36.3
Capital adequacy ratio (%) 19.09 17.26 16.30 17.22
Common equity tier 1 ratio (%) 13.96 13.40 12.93 13.91
Tier I ratio (%) 15.92 15.28 14.79 15.87
Loan to deposit ratio (%) 100.1 94.2 94.6 95.1
Non-performing loans ratio (%) 2.10 2.90 3.16 6.04
Provision coverage ratio (%) 162.9 130.2 123.2 94.3
Cost of risk (%) 0.81 0.57 0.80 1.45

1. The consolidated income statement comprises of results for the twelve month period ended December 31, 2019 for ADCB and its subsidiaries and the results for the eight month period ended December 31, 2019 for erstwhile UNB (including its subsidiaries) and AHB (including its subsidiaries) while the comparatives are of ADCB only.

2. Current period’s results, include the result of ADCB Group whereas prior year include the result of Union National Bank PJSC and Al Hilal Bank PJSC from the month of May’19 till Dec’19.  Therefore, meaningful comparisons are not possible.

3. The consolidated balance sheet comprises of ADCB (including its subsidiaries), UNB (including its subsidiaries) and AHB (including its subsidiaries).

* Based on pro-forma financials, prior years are for the standalone ADCB entity.

In March 2020, the purchase price allocation was completed. As required under IFRS3, the fair value of loans and advances, investment securities and non-controlling interests as at the acquisition date were updated from the previous provisional amounts reported. Therefore, the comparative information has been restated to reflect these adjustments.