The UAE’s largest bank, created from the merger of National Bank of Abu Dhabi and First Gulf Bank, has reported more than AED8 billion ($2.18 billion) in net profit for the first nine months of 2017
First Abu Dhabi Bank (FAB) secured AED8.09 billion in net profit, a growth of 2 percent over the corresponding period last year, state news agency WAM reported.
The FAB Group’s net profit during the third quarter also increased by 2 percent against the previous quarter, thanks to improved cost optimisation levels in addition to posting merger-related benefits in a shorter time than planned.
The results showed that the bank enjoys good liquidity levels, with loans to deposit ratio hitting 86.6 percent by the end of September, WAM said, citing a bank statement.
The bank’s total assets increased by 2 percent against the same period last year.
Abdul Hamid Saeed, Group CEO, said the bank’s performance “exhibited noticeable improvement despite current market challenges”.
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