ADCB Q2 net profit jumps 11% from year earlier

Abu Dhabi Commercial Bank ADCB reported Monday a second-quarter net income of 2.57 billion dirham ($699.7 million), a rise of 10.7% from the same period a year earlier.

The bank reported a net profit of 2.32 billion dirham in the quarter ended June 30, 2024.

ADCB's second-quarter net-profit results exceeded analyst expectations by just over 10%, according to mean LSEG data.

Analysts had predicted the bank - which is the Gulf country's third-largest by asset volume and majority-owned by the government-run Abu Dhabi Investment Council - would net 2.33 billion dirham in profit this quarter.