UAE’s biggest bank posts modest increase in 2019 net profit
The United Arab Emirates’ top lender, First Abu Dhabi Bank (FAB), on Tuesday announced a modest increase in net profit for 2019, despite ‘challenging market conditions’.
FAB said its net profit for last year rose 4 per cent to US$3.4bn compared to US$3.27bn in 2018.
“2019 marked another year of growth for FAB, despite challenging market conditions regionally and internationally,” chairman Sheikh Tahnoon bin Zayed al Nahyan said in a statement.
First Abu Dhabi Bank, which
was created in 2017 by the merger of two Abu Dhabi-based lenders, saw its assets grow 10 per cent last year to US$224bn
making it the second largest Arab bank in terms of assets after Qatar National Bank.