UAE Business: ADCB Q1 profits jump 32% to $403m – Gulf Digital News

UAE Business: ADCB Q1 profits jump 32% to $403m – Gulf Digital News

Abu Dhabi Commercial Bank (ADCB) delivered a solid performance in the first quarter of 2022, despite ongoing global uncertainty, recording a net profit increase of 32 percent year-on-year (YoY) to AED1.483 billion (($403.76 million)– equivalent to a return on average tangible equity of 12.6 percent.

According to its financial results which it released today, the bank has continued to grow and diversify its loan book, with AED13 billion of new credit extended in the first quarter, said a Wam news agency report.

Ala'a Eraiqat, Group Chief Executive Officer and Board Member, ADCB, commented: "We are making strong progress in implementing our five-year strategy to drive further value creation through increased market share, continued de-risking of the loan portfolio and investment in new growth opportunities, with an emphasis on digital.

"Our subsidiaries are also becoming key engines of growth. Al Hilal launched a 'super app' in February, providing a single platform for financial and lifestyle services. To date, the app has attracted over 40,000 registered users to its virtual marketplace, with more than 8,500 banking customers. ADCB Egypt has also recorded strong loan growth to achieve a 12 percent YoY increase in first quarter net profit in local currency terms."

In an important development for