UAE's largest bank posts nine-month net profit of $2.5bn

First Abu Dhabi Bank says net profit for the first nine months of 2018 rose by 12% year-on-year
UAE's largest bank posts nine-month net profit of $2.5bn
First Abu Dhabi Bank is the UAE’s largest bank.
By Sam Bridge
Mon 22 Oct 2018 05:30 PM

First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Monday announced a group net profit of AED9.1 billion ($2.48 billion) for the first nine months of 2018, up 12 percent year-on-year.

The bank said in a statement that its third quarter earnings totalled AED3 billion, up 16 percent on Q3 2017.
 
Nine-month net fees and commissions grew 7 percent year-on-year while loans and advances rose 8 percent to AED354 billion.

Customer deposits at AED455 billion jumped 20 percent year-on-year, primarily driven by significant short-term deposit inflows from the government, the bank added.

It also said that its non-performing loan ratio was stable at 3.1 percent of total loans, adding that the recent launch of operations in Saudi Arabia marked a "key milestone".



Abdulhamid Saeed, group CEO of FAB, said: “FAB’s performance in the first nine months of 2018 demonstrates the fundamental strength of the bank, as we grew our franchise and cemented our position as the UAE’s largest listed company by market capitalisation.

"During this period, we continued to realise our business objectives, set goals and deliver key milestones on our integration journey while maintaining a strong balance sheet with healthy liquidity, asset quality and capital ratios, thereby laying solid foundations for future growth.”

He added: “Our business expansion strategy continues to show promise as the bank manoeuvers to take advantage of growth opportunities abroad. In Saudi Arabia, we have completed our first debt capital markets transaction though our Investment Banking franchise and we will be launching our commercial banking activities during the current quarter.

"In addition, we continue to grow our personal and corporate banking offerings in Egypt. We are confident that our expansion plans will enhance our regional presence and provide an important contribution to the Group and region for years to come.”

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