Abu Dhabi Commercial Bank (ADCB) posted strong financial results for Q4 2024, reporting a net profit of AED 2.57 billion ($699.71 million), a 5% increase compared to the same period last year. The profit growth was fueled by a sharp rise in non-interest income, underlining the bank’s diversified revenue strategy. Additionally, ADCB achieved a significant milestone with an “AA” ESG rating upgrade from MSCI, reflecting its sustained efforts in environmental, social, and governance practices.
Q4 2024 Financial Highlights
ADCB’s performance in Q4 2024 demonstrated robust growth across multiple metrics. Non-interest income saw a remarkable increase of 57% year-on-year (YoY), climbing to AED 1.96 billion, compared to AED 1.24 billion in Q4 2023. This rise highlights the bank’s ability to diversify revenue streams beyond traditional interest-based income.
Total net interest and Islamic financing income also experienced growth, rising 3% YoY to AED 3.5 billion. The bank’s lending activities expanded significantly, with net loans and advances growing 16% YoY to AED 350.63 billion. Deposits showed a similar 16% YoY growth, reaching AED 421.06 billion, which further strengthened the bank’s balance sheet.
Full-Year 2024 Results
For the full year, ADCB reported a net profit of AED 9.42 billion, a 15% increase from AED 8.21 billion in 2023. Total net interest income rose by 7% YoY to AED 13.22 billion, reflecting steady growth in the bank’s core lending business. By the end of 2024, ADCB’s total assets climbed 15% YoY to AED 652.81 billion, showcasing its financial stability and ability to capitalize on market opportunities.
ESG Achievements
In addition to its financial accomplishments, ADCB achieved an “AA” ESG rating from MSCI, an upgrade from its previous “A” rating. This improvement underscores the bank’s leadership in sustainable finance, data privacy, and ethical business practices. ADCB has been proactive in integrating ESG principles into its operations, including sustainable lending initiatives and enhanced governance practices.
Looking Ahead
With its focus on diversification, sustainable finance, and ethical governance, ADCB is well-positioned for continued success. The combination of financial growth and ESG excellence highlights the bank’s commitment to delivering long-term value to stakeholders.
