FAB reports AED4.2b net profit, total assets over AED1.2trn in Q1

FAB reports AED4.2b net profit, total assets over AED1.2trn in Q1

ABU DHABI / WAM First Abu Dhabi Bank (FAB) has announced a solid net profit of AED4.2 billion and revenue of AED8.0 billion for the first quarter of 2024, underlining the bank’s consistent growth trajectory. The bank’s stellar performance is evidenced by revenue that grew 18% year-on-year (YoY) to AED8.0 billion, propelled by core operational ...

ABU DHABI / WAM

First Abu Dhabi Bank (FAB) has announced a solid net profit of AED4.2 billion and revenue of AED8.0 billion for the first quarter of 2024, underlining the bank’s consistent growth trajectory. The bank’s stellar performance is evidenced by revenue that grew 18% year-on-year (YoY) to AED8.0 billion, propelled by core operational growth, balance sheet expansion, higher Net Interest Margin (NIM), and robust non-funded income (NFI). The double-digit growth largely offset the impact of the recently implemented UAE corporate tax. The contribution of non-interest income to Group revenue grew to 39%, and net profit increased by 6% YoY. FAB solidified its position as the largest bank in the UAE as of March-end 2024, with total assets at AED1.24 trillion (US$336 billion), loans at AED508 billion and deposits at AED803 billion, all historical highs.

The bank’s Return on Tangible Equity (RoTE) of 17.4% is also