Abu Dhabi Commercial Bank (ADCB), the UAE's third-largest lender, posted a 23% annual rise in its third-quarter net profit, driven by lower impairment charges and increased non-interest income. Net profit for the quarter reached Dh2.39 billion ($651 million), according to the bank's statement to the Abu Dhabi Securities Exchange. Impairment charges dropped by 36% to Dh525 million, while non-interest income surged 49% to Dh1.56 billion. The bank also saw net fees and commission income rise 42% to Dh866 million.

ADCB highlighted strong loan growth, improved fee and commission income, and better credit quality as key drivers of its performance. The bank attributed the positive credit conditions to favorable economic fundamentals in the UAE, where economic growth has been bolstered by the non-oil sector's expansion. The UAE Central Bank recently revised its 2023 growth forecast to 4%, reflecting the nation's economic diversification efforts.