Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) reported net profits before tax worth AED 5.02 billion in the first half (H1) of 2024, signalling a 28% annual increase from AED 3.92 billion.

In addition, the net profits after tax of ADCB grew by 17% to AED 4.45 billion in H1-24 compared with AED 3.81 billion in H1-23, according to the income statements.

The basic and diluted earnings per share (EPS) went up to AED 0.56 at the end of the six-month period from AED 0.50 in the corresponding six months (6M) in 2023.

Total net interest and Islamic Financing income witnessed a 14% year-on-year (YoY) surge to AED 6.57 billion during January-June 2024 from AED 5.78 billion.

Customer deposits at ADCB soared by 23% to AED 389.96 billion in H1-24 compared with AED 315.90 billion in the year-ago period.

The total assets of the UAE lender rose by 17% on an annual basis to AED 612.24 billion as of 30 June 2024 from AED 521.30 billion while the amount was 8% higher when compared to AED 567.19 billion as of 31 December 2023.

Second Quarter Results

During the second quarter (Q2) of 2024, the UAE bank generated AED 2.59 billion worth of net profit before tax. This marked a 30% increase from AED 1.99 billion in Q2-23.

The net profit after tax also increased by 20% to AED 2.13 billion from AED 1.93 billion during the same timeframe.

The basic and diluted EPS rose to AED 0.30 in Q2-24 from AED 0.26 in Q2-23.

The total net interest and Islamic financing income was 12% higher at AED 3.27 billion during April-June 2024 when compared to AED 2.93 billion in the same 3M last year.

On a quarterly basis, the net profits before tax of ADCB in Q2-24 indicated a 7% rise from AED 2.43 billion in Q1-24. In addition, the net profits after tax were 8% higher than AED 2.13 billion.

Meanwhile, the total net interest and Islamic financing income in April-June 2024 showed a 1% decrease from AED 3.30 billion in the January-March 2024 period.