UAE's Largest Bank FAB Posts Record Net Profit In Q1

First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Monday reported a record net profit of AED3.1 billion ($840 million), up 4 percent year-on-year.

   

Operating income at AED4.9 billion was up 3 percent quarter-on-quarter and 1 percent year-on-year while operating expenses totalled AED1.3 billion.

The bank said in a statement that its total assets reached AED733 billion, up 8 percent year-on-year while loans and advances totalled AED359 billion, up 6 percent, and customer deposits were AED433 billion, up 7 percent.

The bank also reported healthy asset quality metrics with non-performing loan ratio at 3.3 percent.

Abdulhamid Saeed, group CEO of FAB, said: “Building on the positive momentum generated last year, FAB achieved a solid performance during the first quarter of 2019.

“Our performance has created a robust foundation for sustained growth momentum and we remain optimistic about the remainder of  the year.”