FAB reports net profit of Dhs2.8 billion in 2nd quarter – Gulf Today

FAB reports net profit of Dhs2.8 billion in 2nd quarter – Gulf Today

FAB reports net profit of Dhs2.8 billion in 2nd quarter

4 hours ago

The bank continued to deliver a resilient performance against an unprecedented global backdrop arising from the COVID-19 pandemic.

Business Bureau, Gulf Today

First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, reported its financial results for the first half ended 30 June 2020.

The bank continued to deliver a resilient performance against an unprecedented global backdrop arising from the COVID-19 pandemic, a low interest rate environment, as well as volatile market conditions.

FAB's resilience and conservative business approach have resulted in a net profit of Dhs2.4 billion in the second quarter of 2020, which was flat compared to the first quarter as higher impairment charges were offset by revenue growth and cost management initiatives.

The bank net profit for the first six months of 2020 was Dhs4.8 billion, down 24% compared to the same period in 2019, driven mainly by an increase in impairment charges and lower revenues, partly mitigated by cost reduction. The Bank's balance sheet strengthened further during the period with improvements in liquidity and capital ratios, and resilient asset quality metrics.

The bank's annualised earnings per share (EPS) at Dhs0.84, from