First Abu Dhabi Bank, the UAE’s largest bank, reported on Monday a record first quarter net profit of Dh3.1 billion, up four per cent year-on-year basis.

dubai — First Abu Dhabi Bank, the UAE’s largest bank, reported on Monday a record first quarter net profit of Dh3.1 billion, up four per cent year-on-year.

The bank’s operating income rose one per cent to Dh4.9 billion year on year, and up three quarter-on-quarter, while operating expenses were at Dh1.3 billion, “reflecting cost discipline and synergy realisation,” the lender said in a statement.

FAB’s total assets surged eight per cent to Dh733 billion as loans and advances rose six per cent to Dh359 billion and customer deposits surged seven per cent to Dh433 billion. Annualised Earnings per Share was at Dh1.08, compared to Dh1.06 in the first quarter of 2018.

Abdulhamid Saeed, Group Chief Executive Officer of FAB, said the bank achieved a solid performance during the first quarter by building on the positive momentum generated last year. FAB delivered a unified customer experience through its integrated platform while placing itself firmly on track to execute its 2019 strategic agenda, he said.

“Increasing our foreign ownership limit to 40 per cent, which was approved by shareholders in February and implemented this month, was a notable milestone supporting higher liquidity on our shares and attracting further international investment,” said Saeed.

He said the bank remained optimistic about the remainder of the year. “Our performance during the first three months of 2019 has created a robust foundation for sustained growth momentum. Our successful integration and solid fundamentals have enabled us to improve our profitability, while continuing to prudently manage risk across our portfolios. ”