The First Bank of Abu Dhabi achieved an increase in net profits of about 7 percent to 4.2 billion dirhams ($1.14 billion) in the first quarter of this year, while revenue also rose to 8 billion dirhams (co- equal to 2.2 billion dollars) in the same period, which shows the success of the development strategy that the bank is following.
The specific performance of the bank is included in the growth Income by 18 percent, compared to the first quarter of last year, to reach 8 billion dirhams, driven by business growth, the strength of the balance sheet, and the high interest margin, as well as income- unfunded input added 39 percent, while net. profits were up about 7 percent compared to the same quarter last year.
These results show the limited impact of the tax Companies Recently adopted in The UAE..as it continued First Bank of Abu Dhabi Consolidating its leading position as the largest bank in the UAE, as at the end of last March, with a total asset value reaching 1.24 trillion dirhams (about 337.6 billion dollars), loans reaching 508 billion dirhams, and investments reaching 803 billion dirhams; This is the highest level in the history of the bank.
The return on tangible equity reached 17.4 percent, in line with the bank’s medium-term trends aimed at maintaining this ratio at more than 16 percent, and demonstrating its commitment to achieving sustainable value to shareholders.
The bank also maintained strong liquidity and operational efficiency, and a 24 percent cost-to-income ratio.
On this occasion, Hana Al Rostamani, CEO of the Group, said: First Bank of Abu Dhabi: “The first Bank of Abu Dhabi continues to achieve outstanding results and impressive growth in income compared to last year, supported by business expansion in all sectors, which has contributed to strengthening our financial foundations and the group’s assets crossing the threshold of 1.2 trillion dirhams Focus remains on continuing to implement our development strategy and increasing our capabilities and capabilities and achieving sustainable value for the our shareholders.”
She noted the financial results achieved First Bank of Abu Dhabi From the beginning of 2024, it confirms the strength of the bank’s capabilities and shows the outstanding performance it achieved in the year 2023, which was included in the growth of profits and income and the work continuously to increase the flexibility factor in the industry.
She pointed out that the bank’s success is based on the strong foundations of the UAE economy, which coincides with the growth of the group’s international operations.
Al Rostamani said: “We continue to put our customers at the top of our priorities, by focusing on adopting the latest technical innovations and developments, as well as diversifying business sectors and ‘to focus on sustainable finance, in a way that is able to keep up with the rapid changes in regional and international markets.’
Based on the significant movement it witnessed in 2023, First Abu Dhabi Bank continued to generate income from its various business sectors and the markets in which it operates In this context, income increased -input from investment banking services by 26 percent compared to the same period last year to reach 2.8 billion dirhams, while corporate and business banking services recorded an income of 1.8 billion dirhams, an increase of 6 percent compared to the same period last year.
Global markets achieved a growth of 29 percent compared to revenue for the same period last year, which amounted to 1.9 billion dirhams also up 37 percent compared to the same quarter of last year, reaching 1.1 billion dirhams, and international private banking services recorded a growth in income of 12 percent compared to the same period last year, reaching 308 million dirhams.
Revenue from local operations increased by 14 percent compared to last year to reach 5.9 billion dirhams, while international operations achieved a growth of 33 percent compared to the same quarter last year to reach two billion dirhams arrive
2024-05-01 06:03:17
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