Sign in
ADCB-
Abu Dhabi Commercial Bank’s (ADCB) net income increased by 23.1% y-o-y to AED 2.4 bn in 3Q 2024 on the back of strong loan growth and an increase in fees and commission, according to its management report (pdf) and financial statements (pdf). The bank’s operating income rose by 11.3% y-o-y to AED 4.7 bn in this quarter, while net interest income experienced a slight decrease of 2.3% y-o-y to AED 2.6 bn.
On a 9M basis, ACDB’s net income rose by 19% y-o-y to AED 6.8 bn, while operating income increased by 14.8% y-o-y to AED 14 bn. Net interest income rose by 9.3% y-o-y to AED 8.1 bn in the first nine months of 2024. Net loans were up 21% y-o-y to AED 344 bn.
The bank also attributes strong performance to a broader retail base and improved efficiencies and credit quality. The bank also focused on developing its digital capabilities through card and loan approvals and mobile banking.
SAWAEED-
Abu Dhabi-based investor Sawaeed Holding’s net income rose 975.5% y-o-y to AED 18.9 mn in 3Q 2024, according to its financial statements (pdf). Revenue rose 182.5% y-o-y to AED 96.5 mn during the quarter.
In 9M 2024, Sawaeed’s turned AED 14.8 mn in net losses compared to the AED 3.5 mn net income recorded during 9M 2023, driven by a “loss from investments carried at fair value,” the company said in a separate earnings statement (pdf). Revenue grew 84% y-o-y to reach AED 186.1 mn during the nine period.
CBD-
The Commercial Bank of Dubai’s (CBD) net income rose by 9.7% y-o-y to AED 779 mn in 3Q 2024, driven by an increase in loans, high interest rates, and lower risk costs, according to its management report (pdf) and financial statements (pdf). The bank’s operating income climbed by 15.9% to AED 1.5 bn in this quarter, while net interest income increased by 6.3% to AED 878.6 mn for the same period.
On a nine-month basis, the CBD’s net income increased by 15.3% y-o-y to AED 2.2 bn, while the operating income rose by 12.1% y-o-y to AED 4.2 bn. The net interest income rose by 9% y-o-y to AED 2.6 bn in the first nine months of 2024.
EASYLEASE-
ADX-listed mobility solutions outfit and International Holding Company (IHC) subsidiary EasyLease’s net income dipped 4.2% y-o-y to AED 9.7 mn in 3Q 2024, according to its financial statements (pdf). The company’s revenue rose 41.3% to 102.3 mn during the quarter. In 9M 2024, EasyLease’s bottom line inched up 5% y-o-y to AED 27.9 mn, while its revenue rose 37.9% y–o-y to 292 mn.
