UAE's largest bank says nine-month net profit tops $2bn

First Abu Dhabi Bank was created from the merger of National Bank of Abu Dhabi and First Gulf Bank
UAE's largest bank says nine-month net profit tops $2bn
By Staff writer
Thu 26 Oct 2017 01:32 PM

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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