Abu Dhabi, UAE–Abu Dhabi Commercial Bank (ADCB) has posted a 22-percent increase in net profit to $528 million in the third quarter of 2023.
Net interest income of $865 million increased 8% QoQ and 24% YoY while non-interest income of $285 million declined 7% QoQ and rose 11% YoY.
Operating income of $3.32 billion increased 23% with cost to income ratio having improved 360 basis points YoY to 32.5%.
The bank highlighted strong net loan growth of 10% in 9M’23, and significant growth in CASA deposits.
Chief Executive Officer, Ala’a Eraiqat, said: “ADCB is delivering notable growth this year. Our corporate strategy. Nine-month net profit increased 24% to AED 5.752 billion, with a strong return on average tangible equity of 14.3%.”
“In our core market, the UAE, the economy has remained resilient in the face of global headwinds. ADCB is leveraging its strong franchise and digital proposition to serve a growing customer base amid robust consumer and business confidence. Looking into 2024, we remain confident in the country’s fundamentals and continued investment in its economic diversification strategy.”