| Work Detail |
Abu Dhabi Commercial Bank PJSC (ADCB) has released its financial results for the first quarter of 2024 (Q1’24), demonstrating robust performance amid the strong economic landscape of the United Arab Emirates (UAE).
Financial Highlights – Q1’24 vs. Q1’23:
Net profit before tax increased by 26% to AED 2.431 billion.
Net profit after tax stood at AED 2.139 billion.
Net-interest income rose by 16% to AED 3.301 billion.
Non-interest income increased by 21% to AED 1.285 billion.
Operating income grew by 17% to AED 4.586 billion.
Cost-to-income ratio improved to 30.9%, marking a 60 basis points enhancement.
Operating profit before impairment charge increased by 18% to AED 3.169 billion.
Business Expansion and Growth:
ADCB experienced substantial net loan growth of AED 55 billion and customer deposit growth of AED 73 billion over the past 12 months.
Total assets increased by 19% year-on-year (YoY) and 5% quarter-on-quarter (QoQ) to AED 594 billion.
Net loans rose by 21% YoY to AED 318 billion, while total customer deposits surged by 24% YoY to AED 384 billion.
The Bank achieved a capital adequacy ratio of 16.26% and a CET1 ratio of 12.96%.
The cost of risk improved to 0.67%, with the NPL ratio reaching its lowest level since 2020 at 3.44%.
ADCB’s sustainable financing initiatives are progressing, with a focus on meeting commitments under the Net Zero Banking Alliance and increasing sustainable financing towards its 2030 and 2025 targets.Operational Highlights:
The Corporate and Investment Banking Group (CIBG) saw a 7% increase in net loans during the quarter, with a focus on enhancing regional market share and expanding banking relationships.
The Retail Banking Group achieved record quarterly credit card issuances and significant growth in personal loans, auto loans, and mortgages.
ADCB’s brand value increased by 8.7% over the past year, reflecting its commitment to market-leading digital innovation and service excellence.
ADCB remains poised for further growth, supported by its strong financial position and commitment to sustainable financing and digital innovation. The Bank’s strategic focus on expanding its market share and fostering economic growth in the UAE positions it well for continued success in the future. |
