The profits of Abu Dhabi Commercial Bank increased by 32% in the first quarter to 1.48 billion dirhams

Abu Dhabi Commercial Bank announced today, Monday, a 32% increase in first quarter profit due to higher net fees and commissions.

The bank said its net profit was AED 1.483 billion ($ 391.55 million) in the three months to March 31, up from AED 1.121 billion in the same period last year.

Net fees increased 10% year-on-year mainly due to a significant increase in trade finance fees, as well as higher fees related to loan and card processing.

Banks in the UAE have begun to see a rapid recovery in profits, with the economy recovering from the “Covid-19” pandemic, rising oil prices and the World Expo boosting tourism .

Group CEO Alaa Erekat said in a statement from the company that the Abu Dhabi Commercial Bank got strong performance in the first quarter of 2022, reflecting improving economic conditions in the UAE despite continuing global uncertainty.

The bank recovered from its exposure to NM. CC Healthcare in the UAE, which faced financial difficulties and was placed under administrative guardianship in 2020.

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