UAE bank ADCB quarterly net profit up 12% | Reuters
Abu Dhabi Commercial Bank (ADCB) (ADCB.AD), the UAE's third-biggest lender, reported on Thursday a 12% rise in second-quarter net profit, supported by rising rates and higher non-interest income.
ADCB's recorded a net profit of 1.575 billion dirhams ($428.82 million) in the April-June quarter, up from 1.402 billion dirhams in the same period in 2021.
Non interest income rose 10% year-on-year in the second quarter to 924 million dirhams.
Net loans and advances were down 0.6% from December-end to about 243 billion dirhams, mostly as a result of repayments, the bank said.
The lender said it extended 35 billion dirhams worth of new credit in the first half of the year and continues to increase lending to targeted economic sectors including manufacturing, trading and energy, while reducing its exposure to real estate.
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