ADCB’s Q1 2023 profit surges to $509m on higher net interest

ADCB’s Q1 2023 profit surges to $509m on higher net interest

UAE’s Abu Dhabi Commercial Bank (ADCB) said its quarterly net profit soared by 27 per cent, despite the heightened uncertainty in the global economy and international banking sector. ADCB reported a net profit of $509.1m (Dhs1.88bn) in the three months ended March 31, from Dhs1.48bn for the same period a year earlier. The bank’s net interest income rose by 33 per cent settling at Dhs2.85bn while non-interest income surged by 34 per cent to reach Dhs1.06bn. The Abu Dhabi-based lender’s operating profit before impairment charges increased by 47 per cent to Dhs2.68bn while its operating income soared to Dhs3.9bn, a 33 per cent increase from the same period in 2022. “Our first quarter performance demonstrates that ADCB continues to be a highly trusted partner in the UAE economy, supported by our sharp focus on customer service excellence. The bank benefits from a strong financial position and remains on a positive growth trajectory,” Ala’a Eraiqat, Group CEO of ADCB. ADCB’s total assets edged up to Dhs501bn in the quarter, up 13 per cent from Dhs445bn for the same period a year earlier, driven by continued loan and deposit growth. The bank said net loans and advances jumped 7 per cent in