Loan growth aids H1 profits, 2024 guidance hike at ADCB
Abu Dhabi Commercial Bank (ADCB), the nation's largest lender, had a fantastic first half, with a 28% increase in pre-tax profit to Dh5.023 billion thanks to more loans and deposits.The total assets surpass Dh600 billion. Net loans increased by Dh30 billion in the first half of the year, while deposits expanded by Dh27 billion.
LD Web Desk 
The third-largest lender in the United Arab Emirates, Abu Dhabi Commercial Bank (ADCB), reported a net profit for the second quarter of 2024 of 2.32 billion dirhams ($632 million), a 20% increase year over year (YoY) due to increased loan growth and decreased impairment.
LSEG data shows that the earnings exceeded analysts' mean forecast of AED 2.06 billion.
In a regulatory report on the Abu Dhabi Securities Exchange on Thursday, the lender stated that net interest income increased by 12% to AED 3.27 billion.
At AED 588 million, impairment charges were 21% less than year-over-year. Operating income increased 16% year over year to AED 4.71 billion in Q2.
AED 332 billion was the net credit, 10% more than the previous year. The lender's net profit for the first half of 2024 increased 17% year over year to AED 4.46 billion.
