08 May 2019, Gergana Bencheva, EMIS Editor
Abu Dhabi Commercial Bank’s net profit drops 5% y/y in Q1 2019
In detail, between January and March, operating expenses for the bank rose by 3% on an annual basis to AED 793 million. Yet, other costs, such as impairment allowances, fell by 13% year-on-year.
The first quarter financial results were ADCB’s last operations as a standalone bank before merging with Union National Bank (UNB) and then acquiring Al Hilal Bank on May 1. The integration with the two groups is expected to result in cost synergies of around AED 615 million per year, Gulf News underlined.
Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Gulf News