UAE’s biggest bank sees 26% jump in net profit to $2.5bn

UAE’s biggest bank sees 26% jump in net profit to $2.5bn

First Abu Dhabi Bank (FAB), the UAE's largest lender, on Thursday announced net profit of AED9.2 billion ($2.5 billion) for the first nine months of 2021, up 26 percent over the same period in 2020.

Revenue was up 17 percent over the same period, supported by business growth, solid fee generation and strong trading performance, helping to offset headwinds from low-interest rates, the bank said in a statement.

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It added that operating expenses were up year-on-year reflecting ongoing investments in digital and strategic initiatives and the inclusion of Bank Audi Egypt.

Hana Al Rostamani (pictured below), group CEO, FAB, said: "FAB's standout performance in the first nine months of 2021 underlines the tangible progress we are making in driving our growth and transformation plans, as we continue to play a prominent role in supporting the wider economic recovery."

"We also continue to make progress against our international strategy. The integration of our operations in Egypt is on track to be completed during