Announcements
ADCB reports 23% growth YoY
Published
1 year agoon
Abu Dhabi Commercial Bank PJSC (ADCB) today published its financial results for the second quarter of 2023 (Q2’23), reporting a net profit of AED 1.932 bn, an increase of 23 percent year-on-year (YoY). This strong performance is driven by broad-based income growth and improved efficiency metrics.
ADCB logged a net interest income of AED 2.930 bn, an increase of 14 percent YoY, and a non-interest income of AED 1.129 bn, a 22 percent YoY increase.
Meanwhile, the bank’s operating income stood at AED 4.059 bn, climbing 16 percent YoY, with its cost to income ratio improving 260 basis points YoY to 32.5 percent.
Looking at ADCB’s performance in H1’23 as compared to H1’22, net profit reached AED 3.811 bn, a 25 percent increase, net interest income stood AED 5.782 bn, a 23 percent increase, while non-interest income settled at AED 2.190 bn, rising by 28 percent. The operating income reached AED 7.971 bn, increasing by 24 percent, while the bank’s cost to income ratio improved 450 basis points YoY to 32.0 percent.
Commenting on the bank’s quarterly financial results, Ala’a Eraiqat, ADCB’s Group Chief Executive Officer, said, “ADCB is experiencing solid growth momentum and continues to set new records, with first half net profit up 25 percent year on year at AED 3.811 billion, which translates into a return on average tangible equity of 14.8 percent.
“The Bank’s strong market position and digital innovation are driving growth against a backdrop of the UAE’s robust economic fundamentals. In the first half, ADCB extended AED 38 billion in new credit across diverse economic sectors and to the retail segment, resulting in net loan growth of 5 percent during the period. In tandem, deposits have also increased by AED 7 billion, reflecting the trust that customers place in our franchise.”
“The Bank’s focus on service excellence is translating into strong growth in our customer base. In the first half, ADCB attracted a record of over 260,000 new retail customers through its UAE operations, and over 3,500 new corporate clients,” he added.
For his part, Deepak Khullar, Group Chief Financial Officer at ADCB, commented, “ADCB is delivering high quality earnings growth, reporting a 23 percent year on year rise in Q2 net profit, characterised by a broad-based increase in revenues and disciplined cost management in the face of an inflationary environment.
“Healthy loan growth, coupled with rising benchmark rates, have driven a 14 percent year on year increase in Q2 net interest income. It is also pleasing to see continued diversification in revenue streams. Quarterly fee and trading income were up 43 percent and 48 percent year on year, respectively. This contributed to a 22 percent rise in non-interest income, which represented 27.8 percent of total operating income in Q2, up from 26.4 percent a year earlier.”
- WAM
Announcements
UAE sends 90 metric tons of urgent relief supplies to Sudan
Published
4 days agoon
September 3, 2024By
SudhashreeOn the directions of Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister of the UAE and Ruler of Dubai, the Dubai Humanitarian (DXB-H) has facilitated urgent relief supplies to Chad’s capital, Ndjamena, to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
In a swift response to the escalating humanitarian crisis, a Boeing 747 cargo flight departed from Al Maktoum International Airport on Saturday, August 31, at 9:00 am carrying 90 metric tonnes of essential medical supplies, shelter materials, and relief items provided by the World Health Organisation (WHO) and the United Nations High Commissioner for Refugees (UNHCR). These critical resources are expected to support over 70,000 Sudanese people, alleviating their suffering and safeguarding lives in the region.
Announcements
Global Village announces opening date for Season 29
Published
4 days agoon
September 3, 2024By
SudhashreeSeason 29 of Global Village will kick off on October 16, 2024, the outdoor destination announced. The season will run until May 11, 2025. The popular destination remains closed during the summer months. This year, Global Village is expanding its offerings, featuring more cultural representations, never-before-seen entertainment, and exciting infrastructure upgrades.
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Visitors to the family-friendly destination can experience a diverse range of performances, shopping, and dining experiences from cultures around the world.
Opening more than 25 years ago, the destination set a new record of over 10 million visitors in its 28th season, the longest season to date, hosting 27 pavilions representing over 90 cultures from around the globe, as well as 3,500 shopping outlets and 250 dining options.
The destination is expecting millions of visitors from around the globe to gather for the park’s attractions during the upcoming season.
Announcements
Gaming meets speed: Ferrari launches first-ever esports arena in Abu Dhabi
Published
7 days agoon
September 1, 2024By
SudhashreeFerrari World Yas Island, Abu Dhabi’s acclaimed Ferrari-themed park, has once again redefined entertainment by launching the world’s first Ferrari-themed Esports Arena. This state-of-the-art venue is set to become the go-to destination for racing enthusiasts, Formula 1 aficionados, and thrill-seekers alike.
The newly unveiled Ferrari World Esports Arena features an impressive lineup of 20 Gran Turismo simulators, thoughtfully designed to cater to a broad audience. Fourteen simulators are dedicated to adult racers, while six are specifically designed for younger guests, creating a family-friendly atmosphere that welcomes visitors of all ages.
The arena also includes three specialised F1 simulators, offering participants the exhilarating experience of sitting in the driver’s seat of a Ferrari race car and racing on legendary F1 Grand Prix circuits, including the Yas Marina Circuit. Open daily from 10am to 6pm, the Ferrari World Esports Arena offers access to the Gran Turismo simulators as part of the theme park ticket until the end of the year. The exclusive F1 simulators are available for an additional fee, starting from Dh60 per race.