Abu Dhabi, UAE– First Abu Dhabi Bank (FAB) Wednesday reported net profit amounted to AED10.9 billion ($2.96 billion) in the first nine months of 2022, an increase of 19 percent compared to the same period last year.
In a statement, the bank said that the total income reached AED18 billion, up 13 percent yoy, driven by 18 percent growth in net interest income. Total income for the nine months includes an AED3.1 billion net gain on the sale of a stake in Magnati.
The statement added, “Impairment charges (net) at AED1.7 billion, 11 percent lower yoy; implying an annualised cost of risk at 52 basis points improving from 65 bps in the prior period.”
“Operating costs at AED4.7 billion, up 6 percent yoy excluding Bank Audi Egypt inclusion, reflect ongoing investments to drive growth and transformation,” the statement added.
Hana Al Rostamani, Group Chief Executive Officer of FAB, said, “Our results in the first nine months of 2022 demonstrate excellent progress in our strategy to drive growth across our franchise, while underlining the resilience of regional economies against an increasingly challenging global backdrop. We produced a record net profit, reflecting the strong underlying performance of our core businesses.”
“The recent reaffirmation of our AA- credit rating by Fitch is a strong testament to our superior business and credit profile, and our robust fundamentals.”