UAE’s big­gest bank posts mod­est in­crease in 2019 net profit

Muscat Daily - - BUSINESS -

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.

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