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FAB profit up 50 percent

1 min read
  • FAB said the total income was AED12.5 bn, up 31% year-on-year
  • Customer deposits reached AED648 billion, up 8% sequentially

First Abu Dhabi Bank (FAB) said Thursday its H1 2022 net profit increased by 50 percent to AED8 bn ($2.18bn) compared to last year.

FAB said the total income was AED12.5 bn, up 31 percent year-on-year, including an AED3.1 bn net gain on sale of majority stake in Magnati.

The bank noted the impairment charges (net) amounted to AED1bn, 9 percent lower compared to last year.

However, the annualized cost of risk reached 47 basis points.

The operating costs reached AED3.1bn, up 8 percent YoY excluding Bank Audi Egypt inclusion, reflecting ongoing investments to drive growth and transformation.

Loans, advances and Islamic financing amounted to AED459bn, up 6 percent sequentially and 12 percent ytd.

Customer deposits reached AED648bn, up 8 percent sequentially and 5 percent ytd, while CASA balances stood at AED291bn, up 15 percent compared to 2021.

The Liquidity Coverage Ratio (LCR) amounted to 135 percent, which underlines the strong liquidity position.

Healthy asset quality metrics with NPL ratio and provision coverage reached 3.6 percent and 100 percent, respectively.

The Common Equity Tier 1 (CET1) was at 12.6 percent, comfortably above regulatory requirements.