Abu Dhabi Commercial profits of 2.8 billion dirhams in 9 months

ADCB achieved a net profit of 2.802 billion dirhams for the nine months of 2020.

According to the Emirates News Agency, profits for the third quarter of this year amounted to 1.366 billion dirhams.

ADCB's income from operations increased by 2% to reach AED 2.991 billion in the third quarter of 2020.

and non-interest income grew by 19% compared to the second quarter of the current year to reach 706 million dirhams, and net income from fees and commissions increased by 21%, which was partially compensated The 3% decrease in net income from interest and Islamic financing operations, amounting to 2.285 billion dirhams, in light of slowing growth in the business environment.

The cost-to-income ratio, excluding merger costs, improved once, to 34.3% for the nine months of 2020, or 335 basis points compared to the same period last year. Operating expenses excluding merger costs for the nine months of the year 2020 decreased by 14% compared to the same period last year as a result of the bank’s commitment to the disciplined approach in managing costs and achieving savings in the costs of merging with Union National Bank and the acquisition of Al Hilal Bank.

Net loans and advances amounted to 243 billion dirhams as of September 30, 2020, an increase of 2% compared to the second quarter of this year and a decrease of 2% compared to the same period of the year The past is the result of some major companies' repayment of their loans by the end of June 2020 and the reduction of risks related to the individual loan portfolio, as the average balance of loans and advances reached 245 billion dirhams during the nine months of the current year.

and the total shareholders' equity reached 55 billion dirhams on September 30, 2020, while the capital adequacy ratio / Basel 3 / improved to 16.69% from 16.30% while The percentage of the first tier is 13.36%, compared to 12.93% as on December 31, 2019.

and electronic banking transactions recorded an increase of 23% in the third quarter of the current year compared to the same period last year, and the number of new customers who joined the bank through the Hayyak application reached 80,000 New customers in the nine months of 2020 compared to 53,000 in 2019.

Al Hilal Bank witnessed an increase in customers' dependence on digital banking channels, as the number of customers who registered in one or more digital banking channels increased by 81% in the third quarter. From the year 2020, to reach 56,000 new customers, as of September 30, 2020.

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