FAB reports net profit of AED12.5 billion in 2021

FAB reports net profit of AED12.5 billion in 2021

ABU DHABI, 27th January, 2022 (WAM) -- First Abu Dhabi Bank (FAB) reported a net profit of AED12.5 billion, compared to AED10.6 billion in 2020, marking a 19 percent increase year-on-year for the full year ended 31st December 2021.

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. 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.

H.H. 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 a future-proof bank."

He added that FAB's Board of Directors