ADCB Q2/H1 2021 financial results

SourceZawya
SectorFinancial Services
CountryUAE

Abu Dhabi: – Abu Dhabi Commercial Bank PJSC (“ADCB” or the “Bank”) today reported its financial results for the second quarter of 2021 (“Q2’21”).

Strong performance in Q2’21 supported by higher fee income, lower cost of funds and improved cost to income ratio 

Key highlights – Q2’21
  • Net profit of AED 1.402 bn increased 14% YoY and 25% QoQ
  • Net interest income of AED 315 bn was 1% lower YoY and up 9% QoQ
  • Non-interest income of AED 840 mn increased 41% YoY and 5% QoQ on higher fees and trading income
  • Cost to income ratio of 33.4% improved 150 basis points YoY, on account of higher revenues, merger synergies, digital transformation and additional efficiencies
  • Impairment charges of AED 678 mn up 1% YoY and 4% lower QoQ

  Key highlights – H1’21 vs. H1’20

  • Net profit of AED 2.524 bn increased 76%
  • Net interest income of AED 434 bn was 14% lower
  • Non-interest income of AED 1.643 bn increased 28%

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