Abu Dhabi, UAE – First Abu Dhabi Bank (FAB) has announced a net profit of AED 12.4 billion ($3.4 billion), representing an impressive 58% year-on-year increase on an underlying basis, excluding Magnati-related gains from 2022.
The bank reported total revenue of AED 20.5 billion ($5.6 billion), marking a 38% year-on-year growth. In the third quarter of 2023, FAB’s net profit surged by 46% to AED 4.3 billion ($1.2 billion), the highest ever on an underlying basis, with revenue climbing by 27% to AED 7.0 billion ($1.9 billion).
The return on tangible equity improved to 18.3%, with Group CET1 reaching 14.2% as of September 2023, reflecting robust capital growth. FAB’s growth was driven by its diversified franchise and business model, with total assets amounting to approximately AED 1.2 trillion ($326.8 billion).
Non-interest income grew by 46%, contributing 35% to Group revenue. International operations grew by 31% year-on-year, contributing 19% to total Group revenue, underscoring the UAE’s pivotal role in global trade and investment.
FAB aims to facilitate US$75 billion of sustainable finance projects by 2030 and has already funded over US$18 billion with a total of US$27 billion from the 2022 baseline.
