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Abu Dhabi Commercial Bank (ADCB), the UAE's third-biggest lender, posted a Q2 2024 net profit of 2.32 billion dirhams ($632 million), 20% higher year-on-year (YoY) on higher loan growth and lower impairment.
The results beat analysts’ mean estimate of AED 2.06 billion, according to LSEG data.
Net interest income rose 12% to AED 3.27 billion, the lender said in a regulatory disclosure on the Abu Dhabi Securities Exchange on Thursday.
Impairment charges were 21% lower YoY at AED 588 million. Operating income in Q2 was AED 4.71 billion, up 16% YoY.
Net credit was AED 332 billion, 10% higher YoY.
For H1 2024, the lender's net profit rose 17% YoY to AED 4.46 billion.
Based on its strong loan growth and credit pipeline, the bank has updated its guidance for FY 2024 to about 15% from the previous range of 8% to 10%.
(Writing by Brinda Darasha; editing by Seban Scaria)
