Abu Dhabi Commercial Bank reported net profits of AED 1.12bn ($300mn) in Q1, up 436% YoY and 11% QoQ. Despite seeing net interest income at AED 2.12bn ($580mn), 24% lower YoY, profits were helped by operating expenses falling significantly by 20% YoY to AED 1.06bn ($290mn). ADCB said that they continue to take a prudent approach to provisioning with net impairment charges of AED 704mn ($192mn), 63% lower YoY. Its provision coverage ratio stood at 88%. CASA deposits increased significantly to 58% of total deposits vs. 51% as at end-2020. The bank said that Capital adequacy (Basel III) and CET1 ratios were 16.64% and 13.39% with a non-performing loan ratio of 6.5%.

ADCB’s dollar bonds were flat with its 4% 2023s at 106.2, yielding 0.7%.

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