ADCB's net profit jumps 27% in Q1

Abu Dhabi Commercial Bank (ADCB) has announced a 27 per cent increase in net profit during the first quarter of 2023, reaching AED 1.878 billion.

The bank's net interest income also grew by 33 per cent settling at AED 2.851 billion, while non-interest income increased by 34 per cent to reach AED 1.061 billion.

ADCB's operating profit before impairment charge grew by 47 per cent, totalling AED 2.681 billion, and operating income increased by 33 per cent to AED 3.912 billion.

ADCB's total assets amounted to AED 501 billion, up 13 per cent compared to the first quarter of 2022 and by 1 per cent compared to the end of 2022. Meanwhile, net loans and advances increased by 7 per cent to reach AED 264 billion compared to the first quarter of 2022, and customer deposits increased by 19 per cent to reach AED 311 billion compared to the first quarter of 2022.

In addition, the bank granted AED 20 billion in new credit facilities during the first quarter of 2023. Customer deposits in current and savings accounts amounted to AED 158 billion, accounting for 51 per cent of total customer deposits, an increase of AED 5 billion by the end of the first quarter of 2023.

In the first quarter, ADCB welcomed over 114,000 new retail customers, with 80 per cent joining through digital channels. The bank's cards business, personal and auto loans, and mortgages provided combined asset growth of 11 per cent year on year, reflecting positive consumer sentiment and ADCB's ability to remain closely attuned to the market.