Abu Dhabi Commercial Bank (ADCB) has reported a remarkable 27% surge in its net profit for Q1 2023, reaching AED1.878 billion. The bank’s net interest income also grew by 33% to AED2.851 billion, while non-interest income rose by 34% to AED1.061 billion. ADCB’s total assets rose by 13% to AED501 billion in Q1 2023 compared to the same period in the previous year.
ADCB’s operating profit before impairment charge grew by 47%, totaling AED2.681 billion, and operating income increased by 33% to AED3.912 billion. Meanwhile, the bank granted AED20 billion in new credit facilities during the first quarter of 2023.
ADCB welcomed over 114,000 new retail customers in Q1 2023, with 80% joining through digital channels. The bank’s cards business, personal and auto loans, and mortgages provided combined asset growth of 11% year on year, reflecting positive consumer sentiment and ADCB’s ability to remain closely attuned to the market.
ADCB’s total assets crossed the AED 500 billion mark during the first quarter for the first time, solidifying its standing as a leading financial institution in the UAE. Despite the heightened uncertainty in the global economy and international banking sector, ADCB achieved record quarterly results. The bank remains on a positive growth trajectory and continues to be a highly trusted partner in the UAE economy.