ADCB logs 19% higher profits at AED 6.8bn in 9M-24

ADCB
ADCB 2.51% 8.56 0.21

Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) recorded net profits valued at AED 6.84 billion in the first nine months (9M) of 2024, higher by 19% than AED 5.75 billion in 9M-23.

The UAE-based lender posted a 15% growth in operating income to AED 14.01 billion in January-September 2024, compared to AED 12.20 billion in 9M-23, according to the unaudited financial results.

Basic and diluted earnings per share (EPS) increased year-on-year (YoY) to AED 0.86 in 9M-24 from AED 0.73 in 9M-23.

The total assets climbed by 19% YoY to AED 638.75 billion as of 30 September 2024 from AED 536.88 billion, while the deposits from customers hiked by 24% YoY to AED 406.74 billion from AED 329.27 billion.

Financial Statements for Q3-24

In the third quarter (Q3) of 2024, ADCB generated net profits valued at AED 2.39 billion, up 23% from AED 1.94 billion as of 30 September 2023.

The operating income climbed by 11% to AED 8.19 billion in Q3-24 from AED 6.97 billion in Q3-23, while the basic and diluted EPS went up to AED 0.30 from AED 0.23.

In the six-month period that ended on 30 June 2024, ADCB witnessed 28% YoY higher net profits before tax valued at AED 5.02 billion.

Source: Mubasher Source: {{details.article.source}}