UAE’s ADCB posts Q3 2020 net profit of Dhs 1.3bn; down 3% y- on- y

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Abu Dhabi Commercial Bank (ADCB) reported Q3 2020 net profits of Dhs1.366bn, which were 3 per cent lower year-on-year, although it was up 11 per cent quarter-on-quarter. It reported a nine-month net profit from January-September 2020 of Dhs2.802bn, down 33 per cent compared to Dhs4.196bn in the corresponding period last year. Operating income increased 2 per cent sequentially to Dhs2.991bn in the third quarter this year, while its operating expenses were 14 per cent lower year-on-year at Dhs1.102 billion.Net impairment charges were recorded at Dhs504m, 25 per cent lower quarter-on-quarter on account of higher recoveries and releases.

Source: https://gulfbusiness.com/uaes-adcb-posts-q3-2020-net-profit-of-dhs1-3bn-down-3-y-on-y/


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