First Abu Dhabi Bank (FAB) announced Friday its results for the first nine months of the year, with revenue up 16 per cent year-on-year to AED 23.9 billion, and profit before tax up to AED 15.3 billion, up 15 per cent.
Net profit for the firm increased 4 per cent year-on-year to AED 12.9 billion for the first nine months of the year, and up 5 per cent year-on-year for the third quarter, hitting AED 4.5 billion.
Total assets of AED 1.2 trillion recorded growth of 5 per cent in the first nine months, with loans and advances up 9 per cent to AED 528 billion and deposits rising 8 per cent to AED 820 billion over the same period.
“FAB’s third consecutive quarter of net profit growth, with earnings underpinned by robust year-on-year revenue expansion, shows clearly that our client-centric approach to strategy execution creates value for investors,” Hana Al Rostamani, Group Chief Executive Officer of First Abu Dhabi Bank, said in a statement.
“Our commitment to enhancing customer engagement and broadening relationships, across wholesale banking and personal banking and wealth management segments, has driven momentum in the group’s performance in the first nine months of the year, resulting in a double-digit growth both locally and across FAB’s international franchise. Our network remains a clear differentiator for clients and a competitive strength for the Group, supporting our strategic ambitions to expand and diversify our revenue base.”
“The growth in our total assets to AED 1.2 trillion highlights the key role FAB plays, as the region’s international financial powerhouse, in supporting the ambitions of our clients as they invest for the future. So does our further progress in facilitating sustainable and transition financing projects, with the total now standing at AED 216 billion, or 43 per cent of our 2030 target of AED 50 billion.”
Lars Kramer, Group Chief Financial Officer of First Abu Dhabi Bank, added: “The group produced a net profit of AED 4.5 billion in the third quarter of 2024, on the back of a number of important factors. Strong business momentum supported by robust economic conditions were reflected in volume growth, rising revenues and diversified income streams, as we continue to leverage our diversified franchise to deepen client relationships.”
First Abu Dhabi Bank is the biggest bank in the UAE, and one of the largest in the Middle East. The firm is listed on the Abu Dhabi Securities Exchange (ADX).
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