By Staff Reporter
Abu Dhabi Commercial Bank PJSC (ADCB) announced today a 30 percent rise in its profit before tax for the first nine months of 2024, reaching AED7.702 billion. Net profit after tax stood at AED6.846 billion.
ADCB attributed its robust financial performance to a well-executed strategy focused on expanding its corporate banking, investment services, and retail customer base. The bank saw significant growth in loans, fee income, and operational efficiency while maintaining high credit quality.
Total assets rose by 19 percent to AED639 billion by the end of September 2024, with net loans and advances to customers increasing by 21 percent to AED344 billion. Customer deposits in current and savings accounts reached AED169 billion.
The bank’s capital adequacy ratio stood at 16.68 percent, with a common equity tier 1 (CET1) ratio of 13.11 percent. Liquidity remained strong with a liquidity coverage ratio of 136.3 percent and a loan-to-deposit ratio of 84.6 percent. Additionally, ADCB improved its cost of risk to 0.42 percent in Q3 2024, compared to 0.73 percent in the same period last year.
ADCB emphasized its strategic focus on digital transformation and AI-driven efficiencies as key factors in its continued growth and profitability across key sectors.
News Source: Emirates News Agency
