ADCB Q1 net before tax jumps 26% to $660mln

ADCB Q1 net before tax jumps 26% to $660mln

ADCB has continued its growth momentum into 2024, delivering a first quarter (Q1) net profit before tax of AED2.431 billion ($660 million), an increase of 26% year on year. Net profit after tax was AED2.139 billion, with a return on average tangible equity of 14.1%.

This strong earnings growth was broad-based and primarily driven by solid loan growth in the Corporate and Investment Banking and Retail Banking businesses, an ADCB release said.

The Corporate and Investment Banking Group (CIBG) continued to enhance its UAE and regional market share. CIBG net loans grew 7% during the quarter and 28% year on year. The business is pursuing a strategy to build banking relationships across key regional economic corridors, and is making good progress on the opening of a branch in Saudi Arabia following formal approval in January 2024. CIBG is achieving a market-leading fee-to-income ratio by enhancing its sophisticated product suite and building on its strong track record in structuring complex transactions, loan syndications and capital markets advisory business.