Abu Dhabi Commercial Bank (ADCB) has reported a 30% profit increase before tax, totalling Dh7.702 billion in the first nine months of 2024.
The bank’s net profit after tax amounted to Dh6.846 billion.
ADCB attributed its robust performance to strategic efforts in expanding market share, corporate banking, investment services, and enhancing its retail customer base.
In Q3 2024, ADCB reported a 34% increase in net profit before tax, amounting to Dh2.678 billion. The quarterly profit after tax was Dh2.39 billion. During the quarter, the net interest income decreased by 1% to reach Dh3.144 billion, while the non-interest income rose 49% to Dh1.569 billion, with net income commission and fees up 42%.
“The bank’s performance has been characterised by strong loan growth and a notable rise in fee and commission income as well as enhanced efficiencies and credit quality,” the bank said. “The credit conditions for both corporate and retail banking have been positive against a backdrop of favourable economic fundamentals in the UAE.”
By the end of September 2024, ADCB’s total assets rose by 19% to Dh639 billion, with net loans and advances to customers up by 21% to Dh344 billion. Customer deposits in current and savings accounts reached Dh169 billion.
ADCB also reported a capital adequacy ratio of 16.68%, with a common equity tier 1 (CET1) ratio of 13.11%. Its liquidity coverage ratio stood at 136.3%, and the loan-to-deposit ratio was 84.6%. The cost of risk improved to 0.42% in Q3 2024, compared to 0.73% in the previous year, with the nine-month cost of risk at 0.52%.