First Abu Dhabi Bank was created from the merger of National Bank of Abu Dhabi and First Gulf Bank
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".