Wed 25-10-2023 20:17 PM
ABU DHABI, 25th October, 2023 (WAM) — Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its financial results for the third quarter of 2023 (“Q3’23”).
In a statement today, ADCB revealed net profit of AED 1.942 bn was steady QoQ and increased 22% YoY.
Net interest income of AED 3.179 bn increased 8% QoQ and 24% YoY while non-interest income of AED 1.054 bn declined 7% QoQ and rose 11% YoY.
Net interest income of AED 8.961 bn increased 23% and non-interest income of AED 3.244 bn increased 22%.Operating income of AED 12.205 bn increased 23% with cost to income ratio having improved 360 basis points YoY to 32.5%.Operating profit before impairment charge of AED 8.243 bn increased 30%.
The bank highlighted strong net loan growth of 10% in 9M’23, and significant growth in CASA deposits.
Chief Executive Officer, Ala’a Eraiqat, said: “ADCB is delivering notable growth this year. Our corporate strategy. Nine-month net profit increased 24% to AED 5.752 billion, with a strong return on average tangible equity of 14.3%.”
“In our core market, the UAE, the economy has remained resilient in the face of global headwinds. ADCB is leveraging its strong franchise and digital proposition to serve a growing customer base amid robust consumer and business confidence. Looking into 2024, we remain confident in the country’s fundamentals and continued investment in its economic diversification strategy.”
Tariq Al Fahaam/ Hatem Mohamed