Dubai: The Abu Dhabi Commercial Bank rang in a strong 30% growth in profit before tax for the first nine months of 2024, to Dh7.7 billion. The net profit turned in at Dh6.8 billion, up 19%, as another leading UAE bank came up with upbeat numbers to show for the period.
Demand for loans spurred some of the growth, helped by solid net interest margin. “Credit conditions for both corporate and retail banking have been positive,” said ADCB in a statement. “The Bank has recorded Dh60 billion in net loan growth over the prior year.
Total income for the nine months came to Dh9.72 billion, up 8%.
“ADCB’s strong franchise continues to attract significant customer deposits, which have increased over the last 12 months to Dh407 billion at the end of September.”
Total assets as of end September were at Dh639 billion. And when it comes to digital, ADCB tallied more than 2 million customers using its web and mobile platforms. This is more than 90% of the bank's overall retail customer tally. In fact, the retail banking operations pulled in a ‘record’ 210,000 new customers through digital channels during a quarter.
ADCB’s full year guidance on the net interest margin has been revised to 2.55% from the previous 2.77%, in line with the trajectory US rate cuts will be going in for.
More to follow...
