Abu Dhabi Commercial Bank (ADCB) lost AED 139.90 million ($38.12m) in Q4 2008 according to a Reuters report. Profit for 2008 FY was AED 1.36 billion dirhams, down 35% from the AED 2.085 billion ADCB made for 2007 FY. There was a Deutsche Bank ADCB report that downgraded their shares in January 2009. No information received from ADCB or seen on the ADX website yet. Will update this post with results summary later (or tomorrow if financial statements are available).
The Reuters report said ADCB proposed a 10% cash dividend. That works out to about a 7.2% dividend yield on last share price of about AED 1.38. No AGM date seen.
ADCB shares were untraded today, I presume because there was a BOD meeting at 10am so shares were suspended. See also ADCB borrows from Abu Dhabi government about the funds injection news today.
[edit] Updated post with ADCB results and dividends summary ... [/edit]
ADCB 2008 Q4 loss Dh140m -130%, FY 1.4bn -32% 04 Feb 2009
PE (annualised) 14.5 9.5 13.8 5 -64%
Price to Book Value (PBV) 2.4 1.4 0.4 -83% -69% 2.4 0.4 -83%
Profit Margin (ROS) 30% 28% 33%
Return on Assets (ROA) 1.8% 1.2% -0.38% -120% -130% 1.9% 0.92% -51%
Return on Equity (ROE) 17% 14% -3.6% -120% -130% 18% 8.5% -51%
PE, ROA, and ROE are annualised figures. ADCB 4th quarter data not supplied so Q4 figures calculated from FY and M9 data but are not confirmed. Limited information supplied by ADCB in preliminary statements (announced 04 February 2009 but not supplied until 05 February 2009). Shareholders Equity and Net Profit figures are slightly misleading in that they include Minority Interests as far as I can tell, and so do not correctly represent what belongs to shareholders. The difference should not be significant but it is irritating nevertheless.
AGM date is Tuesday 31 March 2009.
ADCB dividends (yields are as of result date, not current date)
Abu Dhabi Commercial Bank makes $38.12 mln Q4 loss
by Stanley Carvalho
ABU DHABI - Abu Dhabi Commercial Bank (ADCB) made a 140 million dirham ($38.12 million) loss in the fourth quarter compared to a 475.3 million net profit in the same period of 2007, missing analysts' forecasts.
The bank's full-year net profit fell to 1.36 billion dirhams in 2008 from 2.085 billion in 2007, Abu Dhabi Commercial Bank said in a statement, without giving quarterly data, which Reuters calculated from previous financial statements.
Analysts forecast of the bank's fourth quarter profit ranged from 407 million dirhams to 475.35 million dirhams, according to a Reuters survey last month. The average forecast was for a 7-percent fall in profit.
Abu Dhabi Commercial Bank made a profit 1.5 billion dirhams in the first nine months of 2008.
ADCB said it made total provisions of 1.5 billion dirhams in 2008, adding that non-performing loans amounted to 1.26 billion dirhams.
The bank will issue a 10 percent cash dividend for 2008.
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