Abu Dhabi Commercial Bank

The Abu Dhabi Commercial Bank PJSC has released its fourth quarter and full year earnings for 2023. The press release and management discussion & analysis are available on their website as of 31 January 2024.

The audited consolidated financial statements of Abu Dhabi Commercial Bank PJSC for the year ended December 31, 2023, are pending approval by the Central Bank of the United Arab Emirates (CBUAE) and the bank's shareholders at the Annual General Meeting.

The Abu Dhabi Commercial Bank (ADCB) has announced that its Board of Directors will meet on Wednesday, January 31, 2024, at 10:00 a.m. The meeting's agenda includes discussing and possibly approving the bank's financial results as of December 31, 2023, the proposed agenda and timing for the 2024 Annual General Assembly meeting, and other general matters. The bank has also requested the suspension of its shares' trading on the meeting day. The information was conveyed by Rami Raslan, the Group Company Secretary of the ADCB, in a letter addressed to the Disclosures and Compliance Section of the Abu Dhabi Securities Exchange. A copy of the letter was also sent to Dr. Maryam Butti AL Suwaidi, the CEO of the Securities & Commodities Authority (SCA).

Abu Dhabi Commercial Bank (ADCB) is expanding its presence into Saudi Arabia, aiming to leverage its robust balance sheet and corporate banking capabilities to support its growing client base and deepen regional economic ties. The Saudi Council of Ministers has approved ADCB's license to operate a banking business in the Kingdom, with the bank planning to fulfill all technical and regulatory requirements set by the Saudi Central Bank before starting operations from a new branch in Riyadh. The bank's expansion aligns with its business growth and it aims to provide comprehensive services for corporate and institutional clients, including financing and working capital solutions.

Abu Dhabi Commercial Bank (ADCB) has agreed to sell an 80% stake in its property management subsidiary, Abu Dhabi Commercial Properties (ADCP), to Nine Yards Plus Holding. The transaction values ADCP at AED 591 million and is expected to result in a gain of approximately AED 490 million for ADCB. The bank will retain a 20% stake in ADCP and continue its partnership through a long-term agreement. Nine Yards Plus Holding is a real estate subsidiary of EIH Ethmar International Holding PJSC. The deal is part of ADCB's strategy to focus on expanding its core banking businesses. The transaction is subject to closing conditions and is expected to be completed by the end of December 2023.

The text is a formal communication from Abu Dhabi Commercial Bank (ADCB) to the Disclosures and Compliance Section of the Abu Dhabi Securities Exchange. It informs them about a meeting of ADCB's Board of Directors that took place on December 14, 2023, where general matters were discussed and approved. The text also expresses gratitude for cooperation and assures continued collaboration. A copy of the message is sent to Dr. Maryam Butti AL Suwaidi, CEO of the Securities & Commodities Authority (SCA).

The Abu Dhabi Commercial Bank (the “Bank”) has announced that its Board of Directors will meet on Thursday, 14th December 2023 at 11:00 am. The meeting will focus on general matters that will not affect the share price. This information was communicated by the Group Company Secretary, Rami Raslan. A copy of the announcement was also sent to HE. Dr. Maryam Butti AL Suwaidi, CEO of the Securities & Commodities Authority (SCA).

Abu Dhabi Commercial Bank (ADCB) has joined the UN-convened Net Zero Banking Alliance (NZBA), which comprises over 130 global banks with a total of $74 trillion in assets dedicated to financing climate action. ADCB will align its lending and investment portfolios to achieve net-zero emissions by 2050, setting targets for carbon-intense sectors within 18 months. The bank's climate strategy aligns with the UAE's Net Zero by 2050 Strategic Initiative, seeking to limit global warming to 1.5°C. ADCB plans to transition its operational and attributable GHG emissions from its portfolios to achieve net zero by 2050 or sooner, setting targets for 2030 and every five years thereafter. The bank will also annually publish its emissions and progress against its transition strategy. ADCB has tripled its 2030 sustainable finance target to AED 125 billion ($34 billion).