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ADCB's net profits shrink 48% YoY in H1-20

ADCB's net profits shrink 48% YoY in H1-20
ADCB's total assets recorded AED 406.235bn
ADCB
ADCB
0.40% 5.04 0.02

Abu Dhabi – Mubasher: The financial statements of Abu Dhabi Commercial Bank (ADCB) showed a 48% year-on-year (YoY) plunge in net profits to AED 1.44 billion in the first half (H1) of 2020, compared to AED 2.33 billion in the same period of 2019.

The bank's net interest and Islamic financing income decreased by 2% to AED 5.136  billion in the first six months of 2020 from AED 5.219 billion in the same period of 2019.

ADCB's total assets recorded AED 406.235 billion as of 30 June 2020, up from AED 405.095 billion in 2019.

Earnings per share (EPS) settled at AED 0.19 in H1-20, down from AED 0.38 in H1-19.

On a quarterly basis, the bank's net profits increased to AED 1.227 billion in the second quarter (Q2) of 2020, when compared to the first quarter (Q1) of the same year due to lower total impairments to AED 668 million.

It is noteworthy to mention that in Q1-20, the bank's net profits slid by 82% to AED 207.370 million, compared to AED 1.152 billion during the same period of 2019.