First Abu Dhabi Bank reports 19% rise in group net profit for 2021
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First Abu Dhabi Bank reports 19% rise in group net profit for 2021

First Abu Dhabi Bank reports 19% rise in group net profit for 2021

Its total assets exceeded Dhs 1 trillion, marking a 9 per cent year-on-year increase

First Abu Dhabi Bank (FAB) has reported a group net profit of Dhs12.5bn for 2021, up 19 per cent year-on-year.

Its net profit for Q4 2021, however, totaled Dhs3.3bn, up 3 per cent year-on-year.

The bank’s group revenues for the full year of 2021 equalled Dhs21.7bn, marking a 17 per cent year-on-year increase. Its impairment charges stood at Dhs2.7bn, while operating costs equalled Dhs5.8bn, up 9 per cent excluding the impact of Bank Audi Egypt (BAE).

Total assets exceeded Dhs 1 trillion, up 9 per cent from a year-earlier period, while customer deposits stood at Dhs614bn, up 14 per cent year-on-year.

Loans, advances and Islamic financing, meanwhile, equalled Dhs410bn, marking a 6 per cent year-on-year increase.

FAB’s liquidity coverage ratio (LCR) measured to 134 per cent, NPL ratio stood at 4 per cent and provision coverage at 98 per cent.

Sheikh Tahnoon bin Zayed Al Nahyan, chairman of the bank, said: “2021 has been a year of strong economic rebound, with unprecedented opportunities for innovation and growth, despite continued uncertainties due to Covid-19.  Reflecting our deep commitment to deliver superior and sustainable returns for our shareholders, FAB’s board of directors is recommending a dividend per share of 70 fils equivalent for the full year ended December 31, 2021, split into 49 fils in cash and 21 fils as scrip dividend in lieu of cash.”

Hana Al Rostamani, group CEO, added: ““I am pleased to report a very strong set of results for the Group in 2021 with FAB delivering record revenue and net profit in a year of economic rebound, and with total assets crossing the Dhs 1 trillion mark, a historic milestone.”

“In addition to a strong trading performance, this sustained business momentum resulted in a 69 per cent growth in our investment banking revenue from the prior year. It was also a landmark year for FAB on the international front, as we continued to expand in our targeted markets, helped by the acquisition of Bank Audi Egypt. As a result, revenue from our international operations grew 26 per cent year-on-year, with MENA contributing 52 per cent, from 39 per cent in 2020.”

We also made significant progress to optimise digital journeys, improve customer experience and enhance efficiencies. This led to the launch of 1st in market solutions including DigiCheques on our corporate mobile app, and a significant increase in transactions made via digital channels. On ESG and as part of our group-wide strategy, our new target to finance or facilitate over $75bn of sustainable finance projects by 2030, underscores our commitment to act as a key enabler to the regional sustainable finance agenda.”

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