FAB’s profit rises 4% in H1
dubai — First Abu Dhabi Bank (FAB), the UAE’s largest bank, said it posted Dh5.49 billion net profit in the first-half in 2017, an increase of four per cent over the same period last year.
The bank’s revenues totalled Dh9.85 billion compared to Dh9.73 billion in the first half of 2016. Total assets reached Dh625 billion; while loans and advances were Dh321 billion; customer deposits stood at Dh377 billion. Impairment charges were eight per cent lower year-on-year on the back of higher recoveries and an adequately provisioned portfolio.
In the second quarter of 2017, the group posted net profit of Dh2.56 billion down from Dh2.68 billion in the same period in 2016, primarily reflecting slower business momentum year-on-year.
National Bank of Abu Dhabi and First Gulf Bank were merged to create First Abu Dhabi Bank, the largest lender with assets more than Dh670 billion.
Abdulhamid Saeed, Group CEO of FAB, said: “The consolidation of our businesses and operations, and the ongoing realisation of synergies are strong testaments to the benefits of this merger as we continue to create value for customers, employees, shareholders and communities, and empower them to grow stronger through differentiation, agility and innovation.”
He said the group ended the period with a strong balance sheet, an industry leading cost-to-income ratio, as well as a robust liquidity profile and capital position.
“Looking ahead, we are continuing to create a stronger and efficient financial institution, and remain firmly focused on building sturdy foundations to drive longterm sustainable growth and maximise value for our shareholders,” Saeed added.
“FAB’s performance in the first half of 2017 demonstrates the Group’s resilience during a period marked by softer economic conditions. As a strong testament to our achievements as a financial services leader in the UAE and the broader region, FAB secured prestigious industry awards during the quarter,” concluded Saeed. —waheedabbas@khaleejtimes.com
jump in half-year net profits to dh3.9 billion