2023-07-23 19:34:27
Dubai: «Gulf»
The profits of “First Abu Dhabi” and “Abu Dhabi Commercial Bank” for the second quarter of 2023 exceeded the expectations of analysts and expert houses for the same period, in reference to the strong profitability achieved by the two banks, supported by high interest rates.
“First Abu Dhabi” recorded net profits during the second quarter of 2023, regarding 4.2 billion dirhams, an increase of 61%, compared to the same period in 2022, while operating revenues amounted to 1.7 billion dirhams, an increase of 37%, as a result of the growth in interest and non-interest revenues.
“GB Morgan” expected that “First Abu Dhabi” would achieve a profit in the second quarter of regarding 3.6 billion dirhams, but the bank achieved a profitability that was 16% higher than its expectations, and the bank achieved profits that were 5.5% higher than the expectations of “Arqaam Capital” of 3.99 billion dirhams.
“First Abu Dhabi” achieved profits that were 22% higher than the expectations of “Bank of America” amounting to 3.46 billion dirhams, and 23% higher than the expectations of “Goldman Sachs”, which amounted to 3.42 billion dirhams.
And “First Abu Dhabi” announced that it had achieved exceptional performance during the first half of 2023; Its net profit amounted to 8.1 billion dirhams, with a growth of 65%, which is the highest rate achieved in a period of half a year.
Abu Dhabi Commercial
The net profit of “Abu Dhabi Commercial” increased during the second quarter of 2023, by 23%, to reach 1.93 billion dirhams, compared to the second quarter of 2022.
Abu Dhabi Commercial’s actual profits exceeded all analysts’ expectations, and the bank’s profits were 4% higher than JP Morgan’s expectations of 1.86 billion dirhams, and 4.4% higher than Arqaam Capital’s expectations of 1.85 billion dirhams.
The bank’s profits also exceeded expectations by regarding 10% for both “Bank of America” and “First Abu Dhabi Securities”, amounting to approximately 1.76 billion dirhams, with a slight difference between the two expectations, and exceeded the expectations of “Goldman Sachs” amounting to 1.757 billion dirhams.
The bank’s actual profits also exceeded, by 7%, the expectations of “EFG Hermes Research”, which amounted to 1.8 billion dirhams.
Abu Dhabi Commercial Bank announced a 25% increase in net profits to reach 3.81 billion dirhams during the first half of this year, compared to the same period last year.
The bank stated that net interest income increased by 23% to reach 5.78 billion dirhams during the first half of 2023, while net non-interest income increased by 28% to reach 2.19 billion dirhams, and income from operating operations increased by 24% to reach 7.971 billion dirhams.
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