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ABU DHABI / WAM
Abu Dhabi Commercial Bank PJSC (ADCB) announced on Wednesday its financial results for the third quarter of 2024, reporting a 30 percent increase in profit before tax, reaching AED7.702 billion during the first nine months of the year. The bank’s net profit after tax stood at AED6.846 billion.
In a statement, ADCB highlighted its continued strong financial performance, driven by a clear strategy aimed at increasing market share, expanding its corporate banking and investment services, and enhancing its retail customer base. The bank recorded significant loan growth, a rise in fee and commission income, and improvements in both operational efficiency and credit quality.
The bank’s total assets grew by 19 percent to AED639 billion by the end of September 2024, with net loans and advances to customers increasing by 21 percent to AED344 billion. Customer deposits in current and savings accounts reached AED169 billion by the end of September 2024.
ADCB reported a capital adequacy ratio of 16.68 percent, with a common equity tier 1 (CET1) ratio of 13.11 percent. Its liquidity coverage ratio stood at 136.3 percent, and the loan-to-deposit ratio was 84.6 percent. The cost of risk improved significantly to 0.42 percent in the third quarter of 2024, down from 0.73 percent in the same period last year, while the cost of risk for the first nine months of 2024 stood at 0.52 percent.
The bank’s strong financial performance underscores its strategic focus on leveraging digital transformation and AI-driven efficiencies to enhance profitability and support its expansion across key sectors.