Q1 2022: First Abu Dhabi Bank reports highest ever quarterly net profit

Q1 2022: First Abu Dhabi Bank reports highest ever quarterly net profit

First Abu Dhabi Bank (FAB) has reported a group net profit of Dhs5.1bn for the first quarter of 2022, recording its highest ever quarterly net profit. Net profit rose 107 per cent year-on-year from Dhs2.5bn recorded in Q1 2021 and 54 per cent quarter-on-quarter. Meanwhile, its total income stood at Dhs7.3bn, including Dhs2.8bn net gain on disposal of majority stake in payments business Magnati. The bank’s operating income equalling Dhs4.5bn was up 2 per cent year-on-year or 9 per cent on an underlying basis excluding Magnati-related gains and real estate gains in Q1 2021. Its operating costs stood at Dhs1.5bn, while loans, advances and Islamic financing equalled Dhs434bn, up 15 per cent year-on-year and 6 per cent year-to-date. Customer deposits stood at Dhs600bn, up 6 per cent year-on-year, down 2 per cent year-to-date. Hana Al Rostamani, group chief executive officer, said: “I am pleased to report that FAB has achieved a group net profit of Dhs5.1bn in the first three months of 2022 representing the highest quarterly net profit in the bank’s history, as we continued to make excellent progress on our growth strategy and transformation initiatives, in line with our long term plan to deliver sustainable value to all