UAE Business: FAB reports 19% surge in 2021 net profit of $3.4bn – Gulf Digital News

UAE Business: FAB reports 19% surge in 2021 net profit of $3.4bn – Gulf Digital News

First Abu Dhabi Bank (FAB) has reported a net profit of AED12.5 billion ($3.4 billion) for the full year ended December 31, 2021, compared to AED10.6 billion in 2020, marking a 19 percent increase year-on-year.

Group revenue was up 17 percent supported by solid trading performance and growth in fee-generating business, helping to offset headwinds from low-interest rates, reported Emirates News Agency WAM.

Operating expenses were up year-on-year, reflecting ongoing investments in digital and strategic initiatives and the inclusion of Bank Audi Egypt.

Asset quality metrics remained healthy, underpinned by prudent risk management and the relief measures under the UAE Central Bank TESS programme. The Group's foundation remains robust across liquidity, funding and capital metrics.

Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, said: "2021 has been a year of a strong economic rebound, with unprecedented opportunities for innovation and growth, despite continued uncertainties due to COVID-19. Against this backdrop, the UAE has again demonstrated great vision and leadership, leading towards recovery regionally and globally.

"FAB continued to support the momentum of this dynamic transformation during 2021, delivering a standout financial performance while making significant progress in setting the building blocks for