ADCB Achieves 30% Profit Growth In January To September 2024 Financial Results

Abu Dhabi Commercial Bank PJSC (ADCB) has released its financial results for the third quarter of 2024, revealing a 30% rise in profit before tax, amounting to AED7.702 billion over the first nine months. The net profit after tax reached AED6.846 billion. This performance reflects ADCB's strategic efforts to boost market share and expand its corporate banking and investment services.

ADCB's total assets increased by 19% to AED639 billion by September 2024. Net loans and advances to customers rose by 21%, reaching AED344 billion. Customer deposits in current and savings accounts amounted to AED169 billion at the end of September 2024, indicating strong customer engagement.

The bank's capital adequacy ratio was reported at 16.68%, with a common equity tier 1 (CET1) ratio of 13.11%. Its liquidity coverage ratio stood at 136.3%, while the loan-to-deposit ratio was recorded at 84.6%. These figures highlight ADCB's robust financial health and prudent risk management practices.

ADCB achieved significant improvements in operational efficiency and credit quality, contributing to its strong financial results. The cost of risk decreased notably to 0.42% in Q3 of 2024, compared to 0.73% during the same period last year. For the first nine months of 2024, the cost of risk was recorded at 0.52%.

The bank's strategy focuses on leveraging digital transformation and AI-driven efficiencies to enhance profitability and support expansion across key sectors. This approach has been instrumental in driving ADCB's impressive financial performance throughout the year.

In summary, ADCB's financial results for Q3 of 2024 demonstrate its successful execution of strategic initiatives aimed at increasing market share and enhancing customer services across various banking segments.

With inputs from WAM