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Tue 24 Jul 2018 04:31 PM

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UAE's largest bank sees half-year net profit jump to $1.6bn

First Abu Dhabi Bank chief hails strong financial results, says on track to deliver record performance in 2018

UAE's largest bank sees half-year net profit jump to $1.6bn

First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Tuesday reported net profit of AED6.1 billion ($1.6 billion) for the first six months of 2018, up 10 percent year-on-year.

The bank also announced that second quarter net profit rose by 19 percent to AED3.1 billion while cost-to-income ratio at 25.7 percent continues to improve on the back of cost discipline.

Loans and advances rose by 2 percent to AED345 billion while customer deposits at AED431 billion were up by 7 percent.

Abdulhamid Saeed, Group CEO of FAB, said: “I am pleased to report that FAB has built on the positive momentum generated at the start of the year to deliver another strong set of results in the second quarter of 2018.

"The group’s excellent performance was achieved on the back of healthy asset growth, and significantly lower risk and operating costs, as we continued to capitalise on solid asset quality and provision buffers, as well as substantial synergies realised from the merger.”

Saeed added: “In light of a strong first half and as we enter the final stretch of our integration journey, FAB is firmly on track to deliver another record performance for 2018.

"Despite persistent challenges, the economic outlook over the medium-term remains positive, underpinned by continuous reforms and initiatives to drive growth."

FAB is the result of a merger of National Bank of Abu Dhabi and First Gulf Bank.

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