Abu Dhabi Commercial Bank announced yesterday its financial results for the year 2024, recording an increase in profits before the tax was deducted by 26% on an annual basis, to reach 10.585 billion dirhams, while net profits after deducting the tax reached 9.419 billion dirhams, with a growth of 15%.
According to the financial results, operational profits increased before the allocations were deducted by 18%, to 13.448 billion dirhams, while net income of benefits increased by 7% compared to 2023, to 13.226 billion dirhams, while income without interest increased by 39% , To reach 6.254 billion dirhams, with net income from fees and commissions increased by 27%, while income from operational operations increased by 15%, to 19.480 billion dirhams.
In turn, the cost to income improved by 130 basis points to 31%.
The bank recommended the distribution of cash dividends in the amount of 59 fils per share, equivalent to total distributions in the amount of 4.32 billion dirhams, representing 46% of net profits.
According to the results of the fourth quarter of the year 2024, compared to the same quarter of the year 2023, the bank’s profits increased before the tax, by 15%, to reach 2.884 billion dirhams, while a net profit after the tax was deducted amounted to 2.573 billion dirhams.
The net income of benefits increased by 3%to 3.505 billion dirhams, and income without interest increased by 57%, to reach 1.962 billion dirhams, while income from operational operations increased by 17%, to reach 5.46 billion dirhams.
The cost to income is improved by 340 basis points to 28.6%.
As for the operating profits before deducting the allocations, it increased by 23%, to reach 3.902 billion dirhams.
For its part, customer deposits in the current accounts and savings accounts amounted to 186 billion dirhams at the end of December 2024, an increase of 10% (equivalent to 16.45 billion dirhams) during the fourth quarter of the year 2024, where 44% of the total customer deposits constituted compared to 42% At the end of the third quarter of the year 2024.
“The bank continued the rapid growth march during the year 2024, and it succeeded in achieving a distinguished financial and operational performance supported by remarkable growth in the loan portfolio, as well as enhancing the levels of efficiency and tangible improvement in the cost of risk,” said Khaldoun Khalifa Al Mubarak, Chairman of the Abu Dhabi Commercial Bank Group,
In turn, the CEO of the Abu Dhabi Commercial Bank Group, Alaa Erekat, said: “The year 2024 witnessed an exceptional performance, with an exceptional goal of registering profits of 10 billion dirhams a full year before the target date, thanks to the control of the bank’s strategy aimed at enhancing excellence and innovation on All levels.
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