Q1 2022: First Abu Dhabi Bank reports highest ever quarterly net profit
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Q1 2022: First Abu Dhabi Bank reports highest ever quarterly net profit

Q1 2022: First Abu Dhabi Bank reports highest ever quarterly net profit

The lender’s quarterly group net profit, equalling Dhs5.1bn, rose 107 per cent year-on-year from Dhs2.5bn recorded in Q1 2021

First Abu Dhabi Bank (FAB) has reported a group net profit of Dhs5.1bn for the first quarter of 2022, recording its highest ever quarterly net profit.

Net profit rose 107 per cent year-on-year from Dhs2.5bn recorded in Q1 2021 and 54 per cent quarter-on-quarter. Meanwhile, its total income stood at Dhs7.3bn, including Dhs2.8bn net gain on disposal of majority stake in payments business Magnati.

Read: Brookfield to buy 60% of First Abu Dhabi Bank’s payment arm

The bank’s operating income equalling Dhs4.5bn was up 2 per cent year-on-year or 9 per cent on an underlying basis excluding Magnati-related gains and real estate gains in Q1 2021.

Its operating costs stood at Dhs1.5bn, while loans, advances and Islamic financing equalled Dhs434bn, up 15 per cent year-on-year and 6 per cent year-to-date.  Customer deposits stood at Dhs600bn, up 6 per cent year-on-year, down 2 per cent year-to-date.

Hana Al Rostamani, group chief executive officer, said: “I am pleased to report that FAB has achieved a group net profit of Dhs5.1bn in the first three months of 2022 representing the highest quarterly net profit in the bank’s history, as we continued to make excellent progress on our growth strategy and transformation initiatives, in line with our long term plan to deliver sustainable value to all our stakeholders.

“Our results in the first quarter include a gain from the sale of a majority stake in Magnati, crystallising significant value for our payments business and paving the way for accelerated growth with a long-term strategic partner as we remain at the forefront of the region’s payments and digital agenda.

“Internationally, we continued to expand our presence into new, targeted markets. Egypt remains a strategically important market for the group, and the integration of Bank Audi Egypt is on track for completion within the next few months. Our Shanghai branch became operational in March, and we opened a representative office in Iraq, serving as a strategic addition to our geographic footprint as the UAE continues to be one of Iraq’s most important trading partners.”

Read: First Abu Dhabi Bank to open representative office in Iraq

We have advanced our ESG journey and achieved new milestones further integrating ESG into the organisation in line with our strategic targets and commitment to achieve net zero carbon emissions by 2050. FAB reaffirmed its leadership in the Green Bond market issuing the first Public Green Bond of 2022, and the first ever Green bond from the MENA
region in the EURO market.”

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