UAE's ADCB Q4 net profit jumps 23%; beats estimate
Abu Dhabi Commercial Bank (ADCB) has posted a Q4 2022 net profit of 1.78 billion UAE dirhams ($485 million), up 23% year-on-year (YoY).
For the full year (FY), the lender posted a record net profit of 6.43 billion UAE dirhams, 23% higher YoY.
The efforts beat Refinitiv's mean analysts’ estimates of 1.611 billion UAE dirhams for the latest quarter, and 6.09 billion UAE dirhams for FY.
Quarterly net interest income jumped 30% to 2.91 billion UAE dirhams while net fees and commissions grew 19% to 620 million UAE dirhams.
As of end December, 2022, net loans and advances stood at 258 billion UAE dirhams.
ADCB has proposed a cash-and-stock dividend of 0.55 UAE dirhams, amounting to a total payout of 60% of the net profit.
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