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Abu Dhabi Commercial Bank PJSC reported its financial results for the second quarter of 2012 ("Q2'12"). Year on year highlights (H1'12 vs. H1'11) Net profit of AED 1,535 mn compared with AED 1,918 mn in H1'11. H1'11 included AED 1,314 mn gain on the sale of ADCB's stake in RHB Capital Berhad in June 2011 Total operating income at AED 3,353 mn, up 22% Operating profit before impairment allowances at AED 2,311 mn, up 31% Cost to income ratio improved to 31.0% from 33.8% Net impairment allowance charges at AED 779 mn, 42% lower As at 30 June 2012, the NPL ratio was 4.7% and provision coverage was 86.3% compared to 4.6% and 80.0% as at 31 December 2011 Stable and high quality capital base, CAR at 22.34% and Tier I capital at 16.04%, each as at 30 June 2012 Comfortable liquidity levels, with liquidity ratio at 22.19% compared to 22.13% as at 31 December 2011 Loan to deposit ratio* improved to 110.98% from 114.27% as at 31 December 2011 Commenting on the Bank's performance, Eissa Al Suwaidi, Chairman of ADCB said: "I am pleased to report that the Bank has announced another profitable quarter, generating top line revenue growth for the first half of 2012. Our financial performance has demonstrated the strength and resilience of our business strategy.
Our continued success is also rooted in the strength of our relationships with our stakeholders. We remain committed to our pledge to deliver long-term sustainable value for our customers and shareholders." Ala'a Eraiqat, member of the Board and Chief Executive Officer, commented on the results: "We have made significant progress during the second quarter of 2012, reporting record revenues and operating profit for the quarter at AED 1,769 mn and AED 1,232 mn, representing an increase of 24% and 43% respectively year on year. We remain focused on improving our operational efficiency; in particular our cost to income ratio improved to 30.4% in Q2'12 compared to 37.0% in Q2'11. Our disciplined approach to balance sheet and capital management resulted in improved loans to deposit ratio and tier I capital year to date and a strengthened funding profile. We have continued to gain widespread recognition for our leading market position in the UAE and for our regional leadership in corporate governance. We continue to take advantage of the improvements to build a stronger and more resilient ADCB in line with our strategy."
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