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ADCB repays AED4 billion to UAE Ministry of Finance

ADCB repays AED4 billion to UAE Ministry of Finance
2013-03-06 18:22:21

WAM Abu Dhabi, 6 March 2013 (WAM): Abu Dhabi Commercial Bank PJSC (ADCB) announced today that it has repaid AED 4 billion of a AED 6.6 billion subordinated loan to the UAE Ministry of Finance, having received all necessary approvals from the UAE Central Bank and the UAE Ministry of Finance.

ADCB said that it would like to thank the UAE Government, Ministry of Finance and the Central Bank for their support of all banks and the financial system.

The loan was made to ADCB by the UAE Ministry of Finance in December 2009. ADCB Chief Executive Officer, Ala’a Eraiqat, said “It is a tribute to the leadership of the UAE that such visible and tangible support was provided to the financial system at a time of global strain”.

Mr. Eraiqat went on to comment that, as ADCB is very strongly capitalized with a Tier 1 ratio of 17.47% and a liquidity ratio of 24%, it was well within the bank’s means to be able to repay a large part of this loan prior to the loan’s scheduled maturity in 2016.

In January 2013, ADCB announced a full year profit for 2012 of AED 2.81 billion and increased its dividend payment to 25%. It also recently commenced a buy-back of its shares of up to 10% of its issued capital.

WAM/TF