ABU DHABI, UAE – Abu Dhabi Commercial Bank (ADCB) Monday reported its financial results for the third quarter of 2022.
In the third quarter, the bank recorded a net profit of US$432 million (AED 1.591 billion), an increase of 25 percent, a net interest income of $696 million (AED 2.558 billion), rising by 17 percent, compared to the third quarter of 2021.
The bank reported a non-interest income of $259 million (AED 952 million), a 31 percent increase compared to the same period last year, with its operating income surging by 21 percent to reach $955 million (AED 3.510 billion), and its operating profit before impairment charge hitting $617 million (AED 2.269 billion), an increase of 20 percent.
Ala’a Eraiqat, Group Chief Executive Officer, said, “I am pleased to report that ADCB delivered a record net profit of $1.2 billion (AED 4.650 billion) in the first nine months of 2022, an increase of 22 percent over the same period last year, which equates to a return on average tangible equity of 13 percent.”
He said, “A number of important themes are coming through in our financial performance. These include further strengthening and diversification of revenue streams, with double-digit growth in both net interest income and non-interest income achieved in the nine-month period.”
He added, “ADCB’s strong franchise has continued to attract significant customer deposits which exceeded the $81 billion (AED 300 billion) mark for the first time at the end of September.”
The results also highlighted ADCB’s performance during the first nine months of 2022 (9M’22) as compared to 9M’21, showing a net profit of $1.2 billion (AED 4.650 billion) – a 22 percent increase compared to the first nine months of 2021- , a net interest income of $1.9 billion (AED 7.276 billion,10 percent increase), a non-interest income of $725 million (AED 2.665 billion, 13 percent increase).
ADCB reported an operating income of $2.7 billion (AED 9.941 billion) in the first nine months of 2022, an 11 percent increase compared to the same period in 2021, an operating profit before impairment charge of $1.7 billion (AED 6.355 billion, 9 percent increase), and an impairment charge of $431 million (AED 1.586 billion, 20 percent decrease).