Abu Dhabi Commercial Bank (ADCB) has reported its financial results for the second quarter of 2024, showcasing strong performance as a result of growth in net interest income and non-interest income.
The bank’s net profit after tax was Dh4.456 billion for H1 2024 and Dh2.317 billion for Q2 2024, representing a return on average tangible equity of 15% and 16.5% respectively. When looking at profit before tax, the bank recorded a 30% year-on-year increase in Q2 and 28% growth in H1.
The latest financial reports show ADCB had an operating income of Dh9 billion in 2024, recording double-digit year-on-year growth in both net interest income and noninterest income.
The bank also crossed a key milestone, by surpassing the Dh600 billion mark in total assets – having expanded at a 14% compounded annual growth rate (CAGR) over the last three years.
The Bank has recorded Dh30 billion in net loan growth in the first half of the year, driven by solid demand from corporates and individual customers. Moreover, credit risk-weighted assets increased by only Dh6 billion in the first six months of 2024.
Given the strong loan growth achieved, ADCB is updating its full-year 2024 loan growth guidance to approximately 15%, from the previous range of 8% to 10%.
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.
