Profits of “First Abu Dhabi” and “Abu Dhabi Commercial” beat expectations

Dubai: “The Gulf”

Profits of “First Abu Dhabi” and “Abu Dhabi Commercial Bank” exceeded analysts’ and specialist firms’ expectations for the second quarter of 2023, citing strong profits for both banks supported by higher interest rates.

“First Abu Dhabi” reported a net profit for the second quarter of 2023 of around 4.2 billion dirhams, an increase of 61%, compared to the same period in 2022, with operating revenues of 1.7 billion dirhams, a 37% increase as a result of interest and non-interest growth.

“GP Morgan” expected “First Abu Dhabi” to achieve a profit of around 3.6 billion dirhams in the second quarter, but the bank achieved a profit of 16% higher than its expectations, and the bank achieved a profit of 3.99 billion dirhams, 5.5% higher than the expectation of “Arqam Capital”.

“First Abu Dhabi” profited 22% more than the “Bank of America” ​​forecast of 3.46 billion dirhams and 23% more than the “Goldman Sachs” forecast of 3.42 billion dirhams.

And “First Abu Dhabi” announced that it had achieved exceptional performance in the first half of 2023; Its net profit grew by 65% ​​to 8.1 billion dirhams, the highest rate achieved in the half-year period.

Abu Dhabi Trade

The net profit of “Abu Dhabi Commercial” increased by 23% to 1.93 billion dirhams in the second quarter of 2022.

Abu Dhabi Commercial’s actual profit beat all analysts’ expectations, and the bank’s profit was 4% higher than JP Morgan’s estimate of 1.86 billion dirhams and 4.4% higher than Arqaam Capital’s expectation of 1.85 billion dirhams.

The bank’s profit was about 10% higher than both “Bank of America” ​​and “First Abu Dhabi Securities”, which was approximately 1.76 billion dirhams, with a slight difference between the two expectations, and “Goldman Sachs” exceeded the expectations of 1.757 billion dirhams.

The bank’s actual profit was 7% higher than the expectations of “EFG Hermes Research”, which was 1.8 billion dirhams.

Abu Dhabi Commercial Bank reported a 25% increase in net profit to reach AED 3.81 billion in the first half of this year compared to the same period last year.

In the first half of 2023, net interest income increased by 23% to 5.78 billion dirhams, while net non-interest income increased by 28% to 2.19 billion dirhams, and income from operating activities increased by 24% to 7.971 billion dirhams.