Abu Dhabi: FAB reports Dhs12.9bn in net profit for Jan-Sept ’24

First Abu Dhabi Bank (FAB) reported a strong performance for the first nine months, posting record profits and revenue.

Increased client activity across the group’s global network lifted revenue 16 per cent higher year-on-year to Dhs23.9bn and propelled profit before tax to Dhs15.3bn, up 15 per cent.

The bank reported a net profit of Dhs12.9bn for the nine months, a 4 per cent increase compared to last year. Total assets surged to Dhs1.2tn, reflecting a 5 per cent growth.

Hana Al Rostamani, group CEO of FAB, expressed her satisfaction with the bank’s performance. “FAB’s consistent growth and profitability demonstrate our unwavering commitment to delivering exceptional value to our clients and shareholders,” she said.

“Our international expansion and focus on sustainable finance have been key drivers of our success,” the group CEO added.

Lars Kramer, group CFO, highlighted the bank’s strong financial position and ability to navigate the evolving market landscape. “Our robust balance sheet and prudent risk management practices ensure our long-term sustainability,” he added.

Key highlights of FAB’s performance

• Robust operating efficiency, supported by continued investments in talent and technology, delivered a cost-to-income ratio of 24.3 per cent.
• The bank’s Consumer Banking saw new-to-bank customer acquisition drive growth of 17 per cent in lending and 9 per cent in deposits.
• Assets under management for Private Banking clients grew 37 per cent year-on-year.
• Sustainable and transition financing facilitated by FAB rose to Dhs21bn or 43 per cent of its 2030 target of Dhs500bn.
• Corporate and Commercial Banking at home and abroad saw loans increase to Dhs167bn and deposits rise to Dhs152bn.