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Mon 29 Apr 2019 04:57 PM

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UAE's largest bank FAB posts record net profit in Q1

First Abu Dhabi Bank CEO says optimistic for remainder of 2019 after reporting record first quarter net profits

UAE's largest bank FAB posts record net profit in Q1
First Abu Dhabi Bank is the UAE’s largest bank.

First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Monday reported a record net profit of AED3.1 billion ($840 million), up 4 percent year-on-year.
   
Operating income at AED4.9 billion was up 3 percent quarter-on-quarter and 1 percent year-on-year while operating expenses totalled AED1.3 billion.

The bank said in a statement that its total assets reached AED733 billion, up 8 percent year-on-year while loans and advances totalled AED359 billion, up 6 percent, and customer deposits were AED433 billion, up 7 percent.

The bank also reported healthy asset quality metrics with non-performing loan ratio at 3.3 percent.

Abdulhamid Saeed, group CEO of FAB, said: “Building on the positive momentum generated last year, FAB achieved a solid performance during the first quarter of 2019.

“Our performance has created a robust foundation for sustained growth momentum and we remain optimistic about the remainder of  the year.”

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