Abu Dhabi Commercial Bank

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• Government of Abu Dhabi holds the majority stake in ADCB at 59.4 per cent.  • Net interest margins have improved from 2.57 per cent .....

Summary

• Government of Abu Dhabi holds the majority stake in ADCB at 59.4 per cent. 
• Net interest margins have improved from 2.57 per cent to 3.24 per cent over the past five years (2010-2014), due to an improved asset and deposit mix. 
• Moody's upgrade of ADCB's Baseline Credit Assessment to baa3 from ba1 in Feb 2015, reflects a continued improvement in recent years in the bank's asset quality, capital, profitability, funding & liquidity metrics. 
• It has reduced the cost of funds to as low as 0.9 per cent as of December 2014, supported by an increasing proportion of low and zero-cost deposits; an increase in net fees and commissions; a lower proportion of volatile trading income. 
• Loans rose by 7 per cent in 2014 to reach a value of USD 38.2billion, despite the drastic fall in oil prices. Asset quality as determined by a low NPL ratio of 1.66 per cent signifies presence of quality assets. 
• Among deposit types, time deposits amounted to 55 per cent of total deposits base, down from 73 per cent in 2011. CASA deposits as a percentage of total deposits have increased to 45 per cent in FY-14, up from 27 per cent at the end of 2011. 
• ADCB has a very low presence in markets outside UAE following its strategy of growth through a UAE centric approach, with controlled internationalization. 
• ADCB stock price has outperformed the broader Abu Dhabi Stock Index and Bank index consistently over the past five years, registering an annualized return of 25.6 per cent, as opposed to 9 per cent for the general index.

TOC

  1. Executive Summary
  2. Business Overview
    • Overview
    • Geographical Footprint
    • Key Financial Indicators
    • Porter Five Force Analysis
    • STEEPLED analysis
  3. Financial Overview
    • 2014 Results
    • Loans
    • Assets
    • Deposits
    • Non-Interest Income
    • Non-Interest Expense
    • Net Interest Income & Net Income
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Domestic Peers
    • Regional Peers
    • Recent Developments
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
    • Credit Rating
  7. Appendix
    • Sector Overview

Tables & Charts

Tables
1.1: ADCB Summary, 2014
1.2: ADCB Business Review
1.3: ADCB Financial Review
2.1: Top Banks in the Region, 2014
2.2: Financial Ratios
2.3: Summary of Porter’s Five Forces analysis
2.4: Summary of STEEPLED analysis
2.5: SWOT analysis, ADCB
3.1: Earnings Quality across time periods
3.2: Earnings Quality Components, 2014
4.1: Projections for Income Statement, Balance Sheet
4.2: Largest Current/Planned Projects in UAE (USD bn)
4.3: Credit Growth (in %)
4.4: ADCB Key Ratios
5.1: ADCB Peers, 2014
5.2: Profitability Ratios, 2014
5.3: Asset Quality Metrics, 2014
5.4: Capital & Liquidity Ratios, 2014
5.5: Rankings of Regional Peers based on Market Capitalization (Values in USD bn)
6.1: Returns of ADCB vs. Abu Dhabi Index
6.2: ADCB Dividends, 2010-14
6.3: ADCB Risk Metrics
6.4: ADCB Liquidity Metrics
6.5: ADCB Equity Calls
6.6: ADCB Credit Rating
7.1: Board of Directors and Designation

Charts
2.1: Shareholder structure of ADCB
2.2: ADCB: Business Units
2.3: Key Milestones
2.4: ADCB Subsidiaries
2.5: Loans by Geography, 2014
2.6: Business Mix – Op. Income Contribution, 2014
2.7: GDP per capita, Purchasing Power Parity (2013)
3.1: Net Loans (USD billion)
3.2: Loans by Sector, 2014
3.3: Assets 2010-14 (USD bn)
3.4: Assets by Type
3.5: Total Deposits (USD billion)
3.6: Deposits by Type
3.7: Non-Interest Income (USD mn)
3.8: Non-Interest Expense (USD mn)
3.9: Net-Interest Income & Net Income (USD mn)
4.1: Real GDP Growth
6.1: ADCB vs. Abu Dhabi Index, Rebased (2009-2014)
6.2: ADCB Volume Traded (in mn) vs. Stock Price
6.3: Risk vs. Return: ADCB, Peers and Abu Dhabi Index, 2009-14

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