Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) recorded a 24% surge in net profit to AED 5.75 billion during the first nine months (9M) of 2023, compared to AED 4.64 billion in the year-ago period.

Operating income widened by 23% year-on-year (YoY) to AED 12.20 billion in the January-September 2023 period from AED 9.94 billion, according to the unaudited financials.

Basic and diluted earnings per share (EPS) increased to AED 0.73 in 9M-23 from AED 0.61 in 9M-22.

Total assets grew by 10% to AED 536.88 billion as of 30 September 2023 from AED 486.36 billion a year earlier, while the customer deposits increased by 9% to AED 329.27 billion from AED 302.26 billion.

Financial Statements for Q3-23

In the third quarter (Q3) of 2023, the bank's net profits witnessed a 22% YoY jump to AED 1.94 billion from AED 1.59 billion.

The operating income surged by 21% to AED 4.23 billion in Q3-23 from AED 3.50 billion in Q3-22, while the basic and diluted EPS went up to AED 0.23 from AED 0.20.

On a quarterly basis, the Q3-23 profits edged up by 0.50% from AED 1.93 billion in Q2-23, while the operating income rose by 4% from AED 4.05 billion.

Ala'a Eraiqat, Group CEO of ADCB, commented: “ADCB is leveraging its strong franchise and digital proposition to serve a growing customer base amid robust consumer and business confidence.”

“Looking into 2024, we remain confident in the country's fundamentals and continued investment in its economic diversification strategy,” Eraiqat added.

The CEO mentioned: “The bank has extended AED 52 billion of new credit year to date, helping to drive substantial net loan growth of 10% in the period.”

Deepak Khullar, Group Chief Financial Officer (CFO) of ADCB, highlighted: “This year, ADCB has made strong progress across all aspects of sustainability, with a particular focus on advancing our climate strategy.”

“Green bonds have become an integral part of our funding strategy, and our second issuance received strong demand from regional and global investors in September,” Khullar continued.