The bank’s results showed that non-interest income increased by 31 percent to 952 million dirhams (259 million dollars), and income from operating operations increased by 21 percent to 3.51 billion dirhams (955 million dollars), and operating profit before deducting provisions rose 20 percent to 2.27 billion dollars. dirhams (618 million dollars).
In terms of the main indicators of financial performance for the first nine months of this year, net profits rose by 22 percent to reach record levels at 4.65 billion dirhams ($1.26 billion) compared to the first nine months of 2021.
Net interest income rose 10 percent to 7.276 billion dirhams, non-interest income increased 13 percent to 2.665 billion dirhams, and income from operating operations grew 11 percent to 9.941 billion dirhams, while operating profit before deductions of provisions rose 9% to 6.355 billion dirhams. Net provisions fell 20% to 1.586 billion dirhams.
Total assets increased by 10 percent compared to the end of last year to reach 486 billion dirhams at the end of last September, and net loans and advances to customers reached 251 billion dirhams at the end of last September, an increase of 3 percent, compared to the end of last year, and the total new credit facilities for companies reached 49 billion dirhams during the nine months of 2022.
The total customer deposits also increased by 14 percent compared to the end of last year to reach 302 billion dirhams, while customer deposits in current and savings accounts increased by 5 percent, compared to the end of last year, to reach 160 billion dirhams by the end of September 2022 and constituted 53 percent of the total customer deposits.
Alaa Erekat, Group CEO of Abu Dhabi Commercial Bank, said: “We were able to achieve a record net profit of 4.65 billion dirhams during the first nine months of 2022, an increase of 22 percent compared to last year, making the return on average equity 13.0 percent.” He added, “The bank continues its strong growth path and implements its strategy with discipline, which enabled us to face the increasing challenges witnessed by the economic environment around the world, which was characterized by inflationary pressures and high interest rates.”
Erekat added: “The bank’s results reflect many indicators that focused on our financial performance, which include continuing to enhance and diversify revenues, and achieving remarkable growth in net interest income and non-interest income during the first nine months of the year.. The bank also recorded a growth in Loans increased by 3 percent from the beginning of the year to date, as a result of the increase in loans to the targeted economic sectors. At the same time, the bank maintained its ability to grow customer deposits, which for the first time exceeded the 300 billion dirhams barrier at the end of September 2022.
Net interest income increased by 17 percent compared to the third quarter of last year as a result of higher interest rates in addition to the bank’s increased lending activity. At the same time, ADCB continued to focus on diversifying its revenue sources, achieving a 31% growth in non-interest income in the third quarter compared to the same period last year.
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