ADCB announces 1H'09 net profit of AED 657mn

Abu Dhabi, July 23, 2009: Abu Dhabi Commercial Bank today announced its results for the six months to 30 June 2009 (“1H’09”).  Net profits of AED 657mn declined by 44% over 1H’08.  Pre-provision profits of AED 1,549mn increased by 5% over 1H’08.  Underlying deposit growth of 6% (excluding AED 6.6bn of deposits converted to Tier 2 capital) outpaced loan growth of 5%, in each case over 31 December 2008.  These net profits reflect significant provisions made against the Bank’s loan and investment portfolio. Net impairment allowances were AED 890mn for 1H’09, an increase of 199% over 1H’08.