Abu Dhabi Commercial Bank reports record quarterly net profit of $433mln

Abu Dhabi Commercial Bank reports record quarterly net profit of $433mln

ABU DHABI - Abu Dhabi Commercial Bank PJSC (ADCB) today reported its financial results for the third quarter of 2022 (Q3’22).

Solid earnings growth as UAE economy remains resilient against challenging global backdrop.

During Q3’22 and compared to Q3’21, the bank recorded a net profit of AED 1.591 billion, an increase of 25 percent, a net interest income of AED 2.558 billion, rising by 17 percent, and a non-interest income of AED 952 million, a 31 percent increase, with its operating income surging by 21 percent to reach AED 3.510 billion, and its operating profit before impairment charge hitting AED 2.269 billion, an increase of 20 percent.

Ala’a Eraiqat, Group Chief Executive Officer, said, “I am pleased to report that ADCB delivered a record net profit of AED 4.650 billion in the first nine months of 2022, an increase of 22 percent over the prior year, which equates to a return on average tangible equity of 13.0 percent.

“The Bank has continued on a strong growth trajectory, with disciplined implementation of our strategy helping us to navigate an increasingly challenging global economic environment, marked by inflationary pressures and rising interest rates.

"A number of important themes are coming through in our financial performance. These include