ADCB Reports 26% Year-on-Year Net Profit Growth in Q1 2024

Abu Dhabi Commercial Bank PJSC (ADCB) today reported its financial results for the first quarter of 2024 (Q1’24).

ADCB has continued growth momentum into 2024, delivering a first-quarter net profit before tax of AED2.431 billion, an increase of 26 percent year-on-year (YoY). Net profit after tax was AED2.139 billion, with a return on average tangible equity of 14.1 percent. This strong earnings growth was broad-based and primarily driven by solid loan growth in the Corporate, Investment and Retail Banking businesses.

Net interest income reached AED3.301 billion, increasing 16 percent, while non-interest income settled at AED1.285 billion, growing 21 percent.

Operating income rose 17 percent to AED4.586 billion, with the cost-to-income ratio settling at 30.9 percent, improving by 60 bps

The personal loan portfolio was 12 percent higher YoY, with auto loans up 28 percent and mortgages rising 26 percent. Over 205,000 new customers joined the Bank in the first quarter, with 84 percent onboarded digitally.

News Source: Emirates News Agency