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ADCB's profit hikes 76% in H1-21

ADCB's profit hikes 76% in H1-21
The bank's net interest income amounted to AED 3.6 billion
ADCB
ADCB
-0.24% 8.30 -0.02

Abu Dhabi - MubasherAbu Dhabi Commercial Bank (ADCB) recorded a 76% year-on-year (YoY) surge in its net profits to AED 2.52 billion in the first half (H1) of 2021, compared to AED 1.43 billion, driven by lower impairment charges and operating expenses. 

The bank's net interest income declined to AED 3.6 billion in the January-June period, compared to EGP 4.16 billion in the same period in 2020, according to a statement to the Abu Dhabi Securities Exchange (ADX) on Sunday. 

Impairment charges slid by 46% to AED 1.38 billion, while operating expenses fell by 10% to AED 2.12 billion. 

In the first quarter (Q1) of 2021, ADCB logged AED 1.12 billion in net profits attributable to the equity holders, up from AED 207.37 million in Q1-20.