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Abu Dhabi Commercial Bank P.J.S.C. (‘ADCB’) has achieved an upgrade in its MSCI environmental, social and governance (ESG) rating to “AA” from “A”, reflecting the Bank’s progress in sustainable finance initiatives, ESG due diligence, industry leading data privacy management and security, as well as business ethics practices. Image courtesy: ADCB
Abu Dhabi Commercial Bank (ADCB) reported a Q4 net profit of 2.57 billion dirhams ($699.71 million), an increase of 5% from AED 2.45 billion in the same period last year, thanks to higher non-interest income.
Total net interest and Islamic financing income rose 3% year-on-year (YoY) to AED 3.5 billion, the lender said in a statement to the Abu Dhabi Securities Exchange on Monday.
Non-interest income rose 57% to AED 1.96 billion in Q4 2024, compared to AED 1.24 billion a year ago.
Net loans and advances gained 16% YoY to AED 350.63 billion, while deposits jumped 16% annually to AED 421.06 billion.
Total assets climbed 15 YoY AED 652.81 billion by the end of December 2024.
For full-year 2024, ADCB's net profit rose 15% to AED 9.42 billion in 2024 from AED 8.21 billion a year earlier.
Net interest income grew 7% YoY to AED 13.22 billion in 2024.
(Editing by Brinda Darasha; brinda.darasha@lseg.com)