Abu Dhabi Commercial Bank Q2 net profit up 23%, beats estimate
Abu Dhabi Commercial Bank (ADCB), the UAE's third-biggest lender, posted a Q2 2023 net profit of 1.93 billion dirhams ($526 million), 23% higher year-on-year (YoY) .
The net profit topped analysts' mean estimate of AED 1.80 billion, according to data provider Refinitiv.
Net interest income rose 14% to AED2.93 billion on loan growth and higher benchmark rates, the lender said in a regulatory disclosure on the Abu Dhabi Securities Exchange on Thursday.
Impairment charges were 14% higher YoY at AED748 million.
Net credit was AED 272 billion, 12% high YoY with new credit totalling AED38 billion in the first half of the year.
For H1 2023, the lender's net profit rose 25% YoY to AED3.81 billion.
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