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Abu Dhabi Commercial Bank posted a net profit of AED4.65 billion for the first nine months of 2022, up 22% year-on-year.
Its net interest income rose 10% to AED7.275 billion. Meanwhile, its non-interest income was AED 2.665 billion and operating income was AED 9.941 billion, up 13% and 11% year-on-year, respectively.
ADCB reported a record quarterly net profit of AED1.591 billion, up 25% year-on-year, and 9M’22 net profit of AED4.650 billion, up 22%.understand more https://t.co/XU7pfI5rcc pic.twitter.com/sAwQrNwWZr
— ADCB Abu Dhabi Commercial Bank (@OfficialADCB) October 24, 2022
The Abu Dhabi-based bank posted an operating profit before impairment charges of AED6.355 billion, up 9%.
Ala’a Eraiqat, Group Chief Executive Officer, said: “I am delighted to report that ADCB achieved a record net profit of AED4.65 billion in the first nine months of 2022, an increase of 22% compared to last year, equivalent to an average tangible Return on assets was 13%.
“A number of important themes emerged in our financial performance. These included further strengthening and diversifying our revenue streams, achieving double-digit growth in net interest income and non-interest income during the nine-month period. Lending has increased, with the bank’s year-to-date lending up 3%. Meanwhile, ADCB’s strong franchise continues to attract significant customer deposits, surpassing AED300 billion for the first time at the end of September.”
The bank’s total assets reached AED486 billion from December 2021, while net loans and advances to customers reached AED251 billion at the end of September (up 3%) from December 2021.
The bank’s average interest-earning assets stood at AED399 billion (up 11% or AED38 billion compared to Sep21), while total customer deposits reached AED302 billion (up 14% compared to December 2021).
The capital adequacy ratio and CET1 ratio were 15.44% and 12.6% respectively, and the liquidity coverage ratio (LCR) reached 124.5%.
third quarter results
ADCB reported a 25% increase in net profit of AED1.591 billion in the third quarter of this year.
It posted net interest income of AED2.558 billion and non-interest income of AED952 million, up 17% and 31% respectively compared to the same period last year. .
Compared to the third quarter of 2021, the bank’s operating income surged 21% to AED3.51 billion, while operating profit before impairment charges rose 20% to AED2.269 billion.
“Across the group, we are driving accelerated digitalisation initiatives to ensure our customers receive the best possible service,” Eraiqat added.
“Our onboarding app continues to set records with over 66,000 new accounts opened digitally in the third quarter, while the ADCB mobile banking app has now crossed the one million user milestone. Al Hilal Bank’s super app has been around since 2 It has attracted more than 157,000 registered users since its January launch, and investments in digitalization have also fueled ADCB Egypt’s growth, with nine-month net profit up 46%.”
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