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ADCB reports Q1 net profit of $310m; huge 436% jump ABU DHABI, 6 hours, 45 minutes ago Abu Dhabi Commercial Bank PJSC has reported Q1’21 net profit of AED1.121 billion ($310 million), a growth of 436% year-on-year and 11% sequentially (quarter-on-quarter).
Announcing its financial results for the first quarter of 2021 (Q1’21), the bank highlighted strong financial performance driven by aggressive cost management discipline, significantly higher non-interest income and marked improvement in cost of risk, a WAM report said.
According to a bank statement, the net interest income of AED2.119 billion was 10% lower sequentially and 24% lower year on year mainly on account of the low interest rate environment and subdued macro-economic conditions. ....