Abu Dhabi - Mubasher: The net profits attributable to the equity holders of Abu Dhabi Commercial Bank (ADCB) increased by 36% to AED 3.798 billion during the first nine months of 2021 from AED 2.797 billion in the year-ago period, according to the bank's interim financials for the nine-month period ended 30 September 2021.

The bank recorded net interest income and income from Islamic financing and investing product of AED 6.613 billion in the January-September period of 2021, compared to AED 7.42 billion in the corresponding period of 2020.

The bank's assets jumped to AED 432.06 billion as of 30 September 2021, compared to AED 411.156 billion as of 31 December 2020.

The earnings per share (EPS) settled at AED 0.52 in the first nine months of 2021, versus AED 0.36 in the corresponding period of the earlier year.

During the third quarter (Q3) of 2021, the bank's net profits decreased to AED 1.275 billion from AED 1.36 billion in the same quarter of 2020.

The Group CEO, Ala'a Eraiqat, said: "ADCB’s proactiveapproach to NMC Group was a catalyst for a significant positive development during the third quarter, with its creditors voting overwhelmingly in favour of the proposed debt restructuring plan."

The Group Chief Financial Office, Deepak Khullar, commented: "The cost of risk was significantly lower in the first nine months of this year and improved sequentially in the third quarter, in line with our medium-term guidance."

It is noteworthy to mention that during the first half (H1) of 2021, the bank recorded a 76% year-on-year (YoY) surge in its net profits to AED 2.52 billion, compared to AED 1.43 billion, driven by lower impairment charges and operating expenses.