Economy News – Follow-up
Abu Dhabi Commercial Bank (ADCB) has reported exceptional financial performance, with pre-tax profits surpassing 10 billion dirhams (approximately 2.72 billion dollars) for the year 2024. The bank’s net profits, after accounting for taxes, amounted to 9.419 billion dirhams.
In the results disclosed by ADCB, operational profits before provisions saw a notable increase of 18 percent, reaching 13.448 billion dirhams during 2024.
The bank’s net interest income rose by 7 percent to 13.226 billion dirhams, while non-interest income surged by 39 percent to hit 6.254 billion dirhams. Furthermore, net income from fees and commissions increased by 27 percent.
Additionally, income from operational activities experienced a growth of 15 percent, totaling 19.48 billion dirhams.
ADCB’s recent press release also highlighted a recommendation for a cash dividend distribution of 0.59 dirhams per share, aggregating to total distributions of 4.319 billion dirhams, which represents 46 percent of the bank’s net profits.
Examining the fourth quarter of 2024, the bank reported a 15 percent increase in pre-tax profits, reaching 2.884 billion dirhams, while net profits post-tax were recorded at 2.573 billion dirhams.
In this quarter, operational profits before provisions climbed by 23 percent to 3.902 billion dirhams.
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