The lender recorded a net profit of AED 3.2 billion ($872 million) in Q2 2019 compared to AED 3.06 billion the same period a year period.
Thursday 18, July 2019 BY KUDAKWASHE MUZORIWA
First Abu Dhabi Bank (FAB) has recorded a net profit of AED 3.2 billion in Q2 2019, a five per cent increase boosted by higher non-interest income.
Abdulhamid Saeed, the Group Chief Executive Officer of FAB, said, “Despite challenging market conditions, the Group achieved year-on-year growth in assets, revenue and net profit while maintaining a strong balance sheet and showing improved asset quality, liquidity and capital ratios.”
FAB also posted a half-year net profit of AED 6.3 Billion, a four per cent year-on-year increase, owing to revenue growth, coupled with continued cost control and prudent risk management.
The bank’s non-interest income in Q2 2019 was up nine per cent to AED 1.85 billion, while net interest income grew by two per cent to AED 3.3 billion.
FAB stated that its operating costs were broadly flat year-on-year despite increased investments in digital and strategic initiatives, while a cost-to-income ratio of 26.1 per cent remains at sector industry-leading level.