Abu Dhabi Commercial Bank’s loans and advances portfolio increased by 21% to 318 billion dirhams
Net profits increased Abu Dhabi Commercial Bank By 13.8% to2.13 billion dirhams During the first quarter of 2024, compared to 1.87 billion dirhams during the same period in 2023.
The bank attributed the strong growth in profits to strong growth in loans granted in the bank’s core business sectors, represented by the Corporate Banking and Investment Services Group and the Retail Banking Services Group.
Interest income increased by 16% to 3.3 billion dirhams, and non-interest income grew by 21% to 1.285 billion dirhams. Income from operations also increased by 17% to 4.586 billion dirhams, and the cost-to-income ratio improved by 60 basis points to 30.9%. Operating profits before deducting provisions also increased by 18%, reaching 3.169 billion dirhams.
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Assets increased by 19% compared to the same period last year, and by 5% compared to the fourth quarter of 2023, to 594 billion dirhams.
The loans and advances portfolio increased by 21% to 318 billion dirhams. The total new credit facilities granted amounted to 41 billion dirhams by the end of the first quarter of 2024, excluding the repayment of some loans.
Customer deposits increased by 24% (to 384 billion dirhams). Customer deposits in current and savings accounts reached 180 billion dirhams by the end of the first quarter of the year 2024, an increase of 7% (12 billion dirhams) compared to the fourth quarter of the year 2023, where they constituted 47%. % of total customer deposits.
Abu Dhabi Commercial Bank’s profits increased by 28% to reach8.206 billion dirhams In the year 2023.
