2024-04-25 12:39:08
Abu Dhabi Commercial Bank announced its financial results for the first quarter of 2024, where net profits increased by 26% to reach 2.431 billion dirhams, before deduction of tax, while net profits reached 2.139 billion dirhams following deduction of tax.
The bank said in a statement today that this strong profit growth was mainly due to the strong growth in loans granted in the bank’s main business segments, represented by the Corporate Banking and Investment Services Group and the Retail Banking Services Group.
The bank explained that interest income increased by 16% to reach 3.301 billion dirhams, while non-interest income increased by 21% to reach 1.285 billion dirhams, and income from operational operations increased by 17% to reach 4.586 billion dirhams, and that the cost-operating ratio improved by 60 basis points to reach 30.9%, and the operating profit before deduction of provisions increased by 18% to reach 3.169 billion dirhams.
Total assets increased by 19% compared to the same period last year and by 5% compared to the fourth quarter of 2023, to reach 594 billion dirhams, and total interest-earning assets increased by 17% compared to the same period last year and 6% compared to the fourth quarter of 2023, to reach 492 billion dirhams.
The loan and advances portfolio increased by 21% compared to the same period last year and by 5% compared to the fourth quarter of 2023, to reach 318 billion dirhams.
The total of new credit facilities granted amounts to 41 billion dirhams at the end of the first quarter of 2024, excluding the repayment of certain loans.
Total customer deposits increased by 24% compared to the same period last year and by 6% compared to the fourth quarter of 2023, to reach 384 billion dirhams, while customer deposits on current and savings accounts reached 180 billion dirhams at the end of the first quarter. of 2024, an increase of 7% compared to the fourth quarter of 2023, which represented 47% of total customer deposits.
The capital adequacy ratio improved to 16.26% from 16.22% at the end of 2023, and the common tier one capital ratio reached 12.96% from 12. .86% at the end of 2023, while the liquidity coverage ratio (LCR) reached 139.8%, while the credit ratio reached 139.8% on deposits 82.9% .
The cost of risk is improving, reaching 0.67% at the end of the first quarter of 2024, compared to the fourth quarter of last year, when it was 1.02%.
The percentage of non-performing loans improved to 3.44% from 3.73% at the end of the year, the lowest percentage since 2020. The cash allocation coverage ratio reached 108, 5% compared to 102.5% at the end of 2023, while the coverage rate by adding guarantees reaches 167%.
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