Abu Dhabi Commercial Bank PJSC (ADCB) has reported its financial results for the first quarter of 2024.
ADCB recorded Dh2.43 billion in net profit before tax, marking an increase of 26% year-on-year (YoY). Net profit after tax was Dh2.14 billion, with a return on average tangible equity of 14.1% in Q1 of 2024.
The strong earnings growth was driven by “solid loan growth in the corporate, investment and retail banking businesses”, the company said in a press release.
ADCB’s net interest income rose 16% YoY to Dh3.3 billion, while non-interest income settled at Dh1.29 billion, growing 21%. Operating income rose 17% to Dh4.59 billion, with the cost-to-income ratio settling at 30.9%.
“ADCB’s strong franchise continues to attract substantial deposit inflows,” said Group CEO Ala’a Eraiqat. “The bank attracted 152,000 new Current and Savings Account (CASA) customers and Dh12 billion of CASA deposits in the quarter.”
The bank recorded over 205,000 new customers in the first quarter of the year. The personal loan portfolio was 12% higher YoY, with auto loans up 28% and mortgages rising 26%.
“The bank remains committed to investing substantially in talent and technology to maintain market-leading digital innovation and service excellence for its customers,” said Deepak Khullar, Group CFO.
In 2023, the bank recorded a record net profit of Dh8.2 billion, marking a 28% increase. The bank attributed this achievement to robust growth across diverse income streams, supported by positive consumer and business sentiment in the UAE.
