ADCB net profit up 25% at Dh3.81 billion in first half of 2023

ADCB net profit up 25% at Dh3.81 billion in first half of 2023

Abu Dhabi: Abu Dhabi Commercial Bank reported a 25 per cent increase in net profit at Dh3.811 billion for the half-year ended June 2023, the bank said on Thursday. Net interest income for the period increased 23 per cent to Dh5.782 billion, while non-interest income was up 28 per cent at Dh2.190 billion. Operating income was reported at Dh7.971 billion, up 24 per cent. “The bank’s strong market position and digital innovation are driving growth against a backdrop of the UAE’s robust economic fundamentals. In the first half, ADCB extended Dh38 billion in new credit across diverse economic sectors and to the retail segment, resulting in net loan growth of 5 per cent during the period. In tandem, deposits have also increased by Dh7 billion, reflecting the trust that customers place in our franchise,” said Group CEO Ala’a Eraiqat. The bank extended Dh38 billion in new credit in H1’23 to diverse economic sectors, and received Dh27 billion in repayments during the period. Net loans of Dh272 billion were 12 per cent higher from June last year and up 5 per cent from December 2022, while new credit extended totalled Dh38 billion in the first half of the year. Total customer