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First Arab Bank reports strong nine month results

demi-billionaire Middle East

Mega bank increased net profit 12% year on year and is pushing ahead with overseas expansion.

First Abu Dhabi Bank (FAB), the new UAE mega bank formed by the merger of NBAD and First Gulf, reported a bumper set of results for the nine-month period that ended on September 30.

Group net profit reached AED 9.1 billion for the period, up 12% year on year. Net fees and commissions grew 7% year-on-year; loans and advances grew 8% year on year, reaching AED 354 billion; and customer deposits stood at AED 455 billion, up 20% year on year.

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FAB remains well capitalised, with total equity reaching AED 100 billion. Its non-performing loan ratio is stable at 3.1%.

Abdulhamid Saeed, Group Chief Executive Officer of FAB, said: “FAB’s performance in the first nine months of 2018 demonstrates the fundamental strength of the bank, as we grew our franchise and cemented our position as the UAE’s largest listed company by market capitalisation.

“During this period, we continued to realise our business objectives, set goals and deliver key milestones on our integration journey while maintaining a strong balance sheet with healthy liquidity, asset quality and capital ratios, thereby laying solid foundations for future growth.”

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The bank is now looking for growth opportunities abroad, Saeed added. In Saudi Arabia, FAB has completed its first debt capital markets transaction though its investment banking franchise and it will launch commercial banking activities during the current quarter. It also continues to grow its personal and corporate banking offerings in Egypt.

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