ADCB Reports 30% Profit Growth In First Nine Months Of 2024

Jibran Munaf
Jibran Munaf

Image: WAM

Abu Dhabi Commercial Bank PJSC (ADCB) has announced a 30% increase in profit before tax, reaching AED7.702 billion for the first nine months of 2024. Net profit after tax stood at AED6.846 billion, reflecting the bank’s strong financial performance.

ADCB attributed its continued growth to a well-defined strategy focused on expanding market share, growing corporate banking and investment services, and enhancing its retail customer base. Significant loan growth, higher fee and commission income, and improved operational efficiency and credit quality all contributed to the positive results.

As of September 2024, ADCB’s total assets surged by 19% to AED 639 billion, while net loans and advances to customers increased by 21% to AED 344 billion. Customer deposits in current and savings accounts reached AED 169 billion during the same period.

The bank reported a capital adequacy ratio of 16.68%, with a common equity tier 1 (CET1) ratio of 13.11%. ADCB’s liquidity coverage ratio was 136.3%, and its loan-to-deposit ratio stood at 84.6%. The cost of risk improved significantly to 0.42% in Q3 2024, down from 0.73% during the same period in 2023, while the year-to-date cost of risk was 0.52%.

ADCB’s robust performance highlights its strategic focus on digital transformation and leveraging AI-driven efficiencies to boost profitability and support its expansion across key sectors.