UAE's Biggest Bank Posts 4% Profit Rise To $2.5bn

First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Thursday announced that group net profit rose 4 percent to AED9.4 billion ($2.56 billion) in the first nine months of 2019 compared to the year-earlier period.

Third quarter net profit rose by 3 percent to AED3.1 billion, driven by a 5 percent increase in operating income, the bank said, adding that nine-month revenue totalled AED15.2 billion, up 4 percent year-on-year.

Total assets at AED788 billion were up 6 percent year-to-date, while risk weighted assets grew marginally by 1 percent over the same period.

Loans and advances increased 7 percent to AED378 billion from the end of 2018, led by government and public sector lending, the bank added.

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Abdulhamid Saeed, group CEO of FAB, said: “Our financial results for the third quarter of the year reflect a solid performance characterised by the effective execution of our strategy to drive growth and transformation as we remain firmly on track to unlock our full potential.

"Our performance is met with consistent cost and risk discipline, whilst we continue to put our customers first and invest in technology and digital infrastructure to enhance FAB’s overall banking proposition."

He added that internationally, the bank is on track to implement its strategy in targeted markets, including Saudi Arabiay.

"We are entering the last quarter of 2019 with a robust balance sheet, strong capital and liquidity ratios, stable asset quality, and improved returns... Despite a more challenging global and regional outlook, we remain on a solid track to achieve a record performance in 2019, and maximise shareholder returns," he said.