ABU DHABI, UAE – Â The First Abu Dhabi Bank (FAB) reported a net profit of US$1 billion (AED 3.9 billion) in the first quarter, with key performance indicators indicating significant growth across all business segments and product lines.
Operating income increased by 51 percent year-on-year, driven by strong growth in net interest and non-interest income.
The Q1 net profit rose by 60 percent sequentially, leading to an annualized Return on Tangible Equity (RoTE) of 18.5 percent.
The cost-to-income ratio improved to 25.1 percent, compared to 33.2 percent in the same quarter last year.
FAB Group CEO Hana Al Rostamani said, “2023 is off to a strong start with the FAB Group delivering an operating income of US$1.8 billion (AED 6.7 billion), a 60 percent growth in net profit sequentially to US$1 billion in the first quarter.”
She said, “Building on a record year in 2022 and prudent actions taken in the fourth quarter of last year, the improvement was driven by sustained momentum across all business segments and product lines, cost and risk discipline, and our proven ability to navigate evolving market conditions.”
She added, “The enhanced contribution from our international operations further demonstrates the strength of our diversified franchise and solid delivery against our growth strategy.”
FAB Group got $21.7 billion in customer deposits in the first quarter.