Abu Dhabi Commercial Bank's quarterly net profit up 32% | Reuters
Abu Dhabi Commercial Bank (ADCB), the third-largest lender in the United Arab Emirates, on Monday reported a 32% increase in first-quarter profit on higher net fees and commission.
The lender reported net profit of 1.483 billion dirhams ($391.55 million) for the three months to March 31, up from 1.121 billion dirhams in the same period last year.
Net fees and commission income was up 10% year on year, mainly attributable to a significant increase in trade finance commission as well as higher loan processing and card-related fees, it said.
Banks in the United Arab Emirates are making a swift recovery in earnings as the economy rebounds from the worst of the COVID-19 pandemic, with oil prices having surged and the Expo world fair having boosted tourism.
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