ADCB nine-month net profit climbs 36% on lower impairment charges
Abu Dhabi Commercial Bank, the UAE’s third-largest lender, reported an almost 36 per cent jump in its nine-month net profit thanks to lower impairment charges as the UAE economy continued to recover from the Covid-19 pandemic.
The total profit attributable to equity holders of the bank for the period ending September 30 climbed to Dh3.8 billion ($1.03bn), the lender said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded. Impairment charges during the period dropped 35 per cent to Dh1.98bn, while net fees and commission income rose 24 per cent to Dh1.38bn.
“Despite the subdued macroeconomic conditions, the bank capitalised on an active lending pipeline and has extended Dh28bn in new credit this year to targeted economic sectors in line with our five-year growth strategy,” said Ala'a Eraiqat, ADCB's group chief executive.
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