UAE’ biggest bank FAB powers up with Dh3.9b Q1-2023 net profit

UAE’ biggest bank FAB powers up with Dh3.9b Q1-2023 net profit

Dubai: the UAE's biggest bank FAB has had a good start to 2023 - but with first quarter 2023 net profit at Dh3.9 billion, the numbers come in higher than what the markets had been anticipating. That's 70 per cent higher on a year-on-year basis. This was derived from Dh6.7 billion in income, which is up 51 per cent from a year ago. The gains come in a higher interest rate environment, with FAB reporting strong appetite among businesses and retail clients for its loans and other services. What's remarkable about the latest results is that same time last year FAB had derived significant one-off gains from the majority stake sale in its . (If the Magnati gains are excluded, the year-on-year increase on net profit would be 70 per cent.) "Amid turbulence in the global banking industry, the Group continues to operate on a sound balance-sheet foundation, including a solid capital position and a very strong liquidity profile," said Hana Al Rostamani, Group CEO. "In the first quarter alone, we attracted Dh80 billion in customer deposits, emphasising the depth of our relationships, and our superior credit ratings of AA- or equivalent as one of the safest banks worldwide." The