Abu Dhabi Commercial Bank (ADCB) 2006 FY annual report

2006 FY result list | ADCB 2006 FY results - forum topic | Abu Dhabi Commercial Bank - details & pdf annual reports

ADCB (listed on ADSM)	Auditor: Deloitte
ADCB accounts in UAE dirhams
Date of results and share price	AED 6.00 on 22 Jan 2007
Current share price	AED 1.75 on 15 Apr 2009
Chairman	Saeed Al Hajeri
CEO	Eirvin Knox
Balance Sheet (AED)	31 Dec 2005	31 Dec 2006	%Δ	?	notes
Total Assets	57,725,314,000	81,088,378,000	40%
Total Liabilities	(49,116,384,000)	(70,430,000,000)	43%
Shareholders Equity	8,608,930,000	10,658,378,000	24%
Income Statement (AED)	2005 FY	2006 FY
Revenue (Sales)	2,449,349,000	4,127,608,000	69%		Interest Income
Cost of Revenues (COGS)	(1,076,741,000)	(2,353,617,000)	119%		Interest Expense
Gross Profit	1,372,608,000	1,773,991,000	29%		Net Interest Income
Other Income	1,277,300,000	1,351,411,000	6%
Other Expenses	(719,000,000)	(912,621,000)	27%
Net Profit	1,930,908,000	2,212,781,000	15%
Minority Interests	(9,366,000)	(65,582,000)	600%
Net Profit due to shareholders	1,921,542,000	2,147,199,000	12%
Earnings Per Share stated	0.49	0.52	6%
Ratio Calculations	As on 22 Jan 2007
Number of shares outstanding		4,000,000,000
EPS calculated	0.48	0.54	12%
Price to Earnings ratio (PE)	12.5	11.2			Calculated EPS used
Price to Book Value (PBV)	2.8	2.3	-19%
Return on Assets (ROA)	3.3%	2.6%	-20%
Return on Equity (ROE)	22.3%	20.1%	-10%
Return on Sales (ROS) or Profit Margin	78.5%	52.0%	-34%
Dividends
Cash Dividend		30.25%			Approved at AGM, exact figure 30.25%
Dividend Yield (cash)		5.0%
Share Dividend
Important Dates	Record Date 28 Mar 2007				AGM Date 18 Mar 2007
Comments about Abu Dhabi Commercial Bank FY 2006 results
Updated with information from complete annual report. 22 January 2007: PE of 11.2 making it one of the cheapest bank stocks so far in the UAE. ADCB say they intend to continue with a high payout ratio for dividends. Forecasts for 2006 Q4 profit for ADCB were 630m dhs from EFG and 455m dhs from Shuaa. 2006 M9 ADCB profit was 1.66 bn dhs so that leaves about 500m dhs for 2006 Q4 profit. Looks like Shuaa was closer to the mark in this case. ROE (Return on Equity) has actually decreased from 22.3% in 2005 to 20.0% in 2006. That may indicate a less efficient use of resources. Also, the Total Assets is up by over 40% and Revenue up by almost 30%, yet they could only manage a 12% increase in Net Profit and a 6% increase in EPS (Earnings Per Share). Although EPS increase is 13% according to calculations not using Weighted Average number of shares. Need to see the full accounts to get more information. The EPS increase is poor when you consider the growth in Revenue. Where has all that money gone? Have your say in the ADCB 2006 FY results forum topic, includes directors reports and news, if available.

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This page last updated 20-Jan-2009. Company information last updated 21 Oct 2008. E & OE.

Abu Dhabi Commercial Bank (ADCB) 2006 FY annual report

Comments about Abu Dhabi Commercial Bank FY 2006 results