Abu Dhabi Bank announced yesterday its financial results for the third quarter of 2024, noting record indicators, supported growth from various income sources, high levels of efficiency, and a reduction in total reserves. For the key indicators of financial performance for the first nine months of 2024 compared to the analogous period of 2023, the bank recorded a profit increase of 30%, reaching 7.702 billion dirhams before tax, with net profit amounting to 6.846 billion dirhams after tax deduction.
Net income from interest increased by 8%, reaching 9.721 billion dirhams, while income from non-interest operations increased by 32%, totaling 4.292 billion dirhams, with an increase in net income from commissions and fees by 27%. Operating income grew by 15%, reaching 14.013 billion dirhams, and the ratio of expenses to income improved by 60 basis points to 31.9%. Operating profit before reserve deductions grew by 16%, reaching 9.546 billion dirhams.
At the same time, key indicators of financial performance for the third quarter of 2024 compared to the third quarter of 2023 showed a profit increase of 34%, reaching 2.678 billion dirhams before tax, and net profit amounting to 2.390 billion dirhams after tax deduction. Net income from interest grew by 1%, totaling 3.144 billion dirhams, while income from non-interest operations increased by 49%, reaching 1.569 billion dirhams, with net income from commissions and fees growing by 42%.
Results also indicated an average annual growth rate of 14% over three years, which led to a total asset volume of 639 billion dirhams, with an increase in net loans by 60 billion dirhams, and an increase in customer deposits by 77 billion dirhams over the last 12 months.
For overdue loans, the rate improved to 3.45% from 3.73% at the end of last year. The bank stated that it continues to strengthen its financial indicators, anchored by a clear strategy aimed at increasing its market share, expanding the range of banking and investment services for companies, and increasing its client base in the private sector.
