First Abu Dhabi Bank sees 19 percent year-on-year increase in net profit amidst economic rebound – ArabianBusiness

First Abu Dhabi Bank sees 19 percent year-on-year increase in net profit amidst economic rebound – ArabianBusiness

Following a year of economic rebound and expansion, First Abu Dhabi Bank (FAB) reported a 19 percent year-on-year increase in net profit, reaching AED12.5billion ($3.4bn) at the end of 2021, compared to AED10.6bn (2.8bn) in 2020.

Group revenue was up 17 percent, reaching AED21.7bn ($5.9bn) supported by a strong trading performance and growth in fee-generating business, and helping to offset headwinds from low-interest rates.

“2021 has been a year of strong economic rebound, with unprecedented opportunities for innovation and growth, despite continued uncertainties due to Covid-19,” said Tahnoon Bin Zayed Al Nahyan, chairman of FAB.