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)