“Abu Dhabi Commercial”: 6.84 billion dirhams in net profits

Yesterday, Abu Dhabi Commercial Bank announced its financial results for the third quarter of 2024, recording higher results driven by growth in diverse sources of income, high levels of efficiency, and a decrease in general allocations, and according to the main financial indicators of performance for the first nine months of 2024 compared to the previous nine months At the beginning of 2023, the bank recorded an increase of 30% in profits to reach 7.702 billion dirhams , before deducting tax, and net profits reached 6.846 billion dirhams after deducting tax.

Net interest income increased by 8% to reach 9.721 billion dirhams, and non-interest income increased by 32% to reach 4.292 billion dirhams, with net income from fees and commissions increasing by 27 %.

In turn, income from operations increased by 15%, reaching 14.013 billion dirhams, and the cost-to-income ratio improved by 60 basis points, reaching 31.9%. Operating profits before the removal of provisions also increased by 16%, reaching 9.546 billion dirhams.

In addition, the main financial performance indicators for the third quarter of 2024 compared to the third quarter of 2023 showed an increase in profits by 34%, reaching 2.678 billion dirhams, before the tax was removed , while net profits amounted to 2.390 billion dirhams afterwards. removing the tax.

Net interest income also increased by 1% to 3.144 billion dirhams, while non-interest income increased by 49% to 1.569 billion dirhams, with net income from fees and commissions increasing by 42 %.

The results showed a compound annual growth rate of 14% over three years, bringing total assets to 639 billion dirhams, and net loans increased by 60 billion dirhams, as well as an increase in customer deposits by 77 billion dirhams in the Last 12 months.

In turn, the percentage of non-performing loans increased to 3.45%, after being at 3.73% at the end of last December.

The bank said it continued its strong financial performance in the third quarter, supported by a clear strategy aimed at increasing its market share, expanding the range of corporate and investment banking services, as well as its strengthening the individual customer base.