Abu Dhabi – Mubasher: Abu Dhabi Commercial Bank (ADCB) achieved net profits worth AED 9.41 billion in 2024, up 15% year-on-year (YoY) from AED 8.20 billion.
Total net interest and Islamic financing income grew by 7% to AED 13.22 billion as of 31 December 2024, compared to AED 12.37 billion in 2023, according to the financial results.
ADCB registered total assets amounting to AED 652.81 billion last year, marking a 15% rise from AED 567.19 billion in the January-December 2023 period. Meanwhile, the deposits from customers hiked by 16% to AED 421.06 billion from AED 362.90 billion.
Quarterly Results
During the fourth quarter (Q4) of 2024, ADCB recorded AED 2.57 billion in net profit, an annual rise of 5% from AED 2.45 billion.
The total net interest and Islamic financing climbed by 3% YoY to AED 3.50 billion in Q4-24 from AED 3.41 billion.
Quarter-on-quarter (QoQ), the Q4-24 profits jumped by 8% from AED 2.39 billion registered in Q3-24.
Ala'a Eraiqat, Group CEO of ADCB, said the lender plans to double its net profit to AED 20 billion within the next five years, while aiming to achieve an annual growth rate of circa 20%.
Eraiqat added that “ADCB aims to increase its total targeted dividend payout to approximately AED 25 billion over the next five-years, up 50% compared to the total dividend payout in the preceding five-year period.”
This aligns with the UAE’s objectives to secure AED 335 billion in additional growth from AI transformation and AED 1.3 trillion in foreign direct investment (FDI) by 2031, while tripling its investment in clean and renewable energy by 2030.
