Dubai: More loans and deposits led top lender Abu Dhabi Commercial Bank (ADCB) to a bumper first half, posting a 28 per cent spike in pre-tax profit to Dh5.023 billion.
Total assets cross the Dh600 billion mark, with net loans increasing Dh30b in H1, while deposits grew Dh27b year-to-date, which prompted the lender to update its full-year 2024 loan growth guidance to approximately 15 per cent, from the previous range of 8 per cent to 10 per cent.
While total assets of Dh612 billion increased 17 per cent from last year and 8 per cent in the year so far, net loans of Dh332 billion were up 22 per cent year-on-year. New credit extended totaled Dh73 billion in H1’24, with Dh41 billion of repayments. Total customer deposits of Dh390 billion increased 23 per cent.
"With an operating income of over Dh9 billion for the first half, the bank is moving at pace, recording double-digit year-on-year growth in both net interest income and noninterest income," it said. "Rising fee income is enhancing the diversification of revenue streams, driven by deep customer relationships and a sophisticated offering across all core businesses."
Despite a higher interest rate environment, current and savings account (CASA) deposits expanded by Dh21 billion over the previous year, and accounted for 44 per cent of total deposits. The lender reaffirmed that ADCB’s balance sheet remains robust, supported by capital adequacy ratio strengthening to 16.43 per cent at the end of June.
