The Antwerp Diamond Bank (ADB) has released the yearly figures for 2007, as approved at its general shareholders meeting on 21st April, ADB said in a press release.
The results reflect a decreased consolidated balance sheet due to continued restrictive credit policy, the growing competition in the diamond financing business and a persistently weakening US dollar, the reference currency in the diamond industry. The decrease is of € 1.7 billion per end-2007, compared to € 2.1 billion last year.
However, ADB was able to maintain the consolidated profit on a satisfactory level of € 28.9 million, a slight increase of 2.8 percent compared to last year, owing to the considerably lower provisions for credit risks.
In 2008, the bank will continue its diversification and geographical expansion by starting up a Private Equity Fund specialised in the diamond industry, and by incorporating a regional headquarter in Singapore. ADB, the only bank in the world that focuses exclusively on the diamond trade and industry, is a full subsidiary of KBC Bank.