FAB reports AED3 billion profit in Q1 2018

Abu Dhabi First Bank, FAB, reported today net profit of AED3 billion for the first quarter of 2018, up two percent year-on-year and six percent quarter-on-quarter.

Commenting on the bank’s performance, Abdulhamid Saeed, Group Chief Executive Officer of FAB, said, “I am pleased to announce that we started 2018 on a positive note with FAB realising a record Group Net Profit of AED3 billion. During the quarter, we continued to build on the many successes we have achieved to-date, whilst delivering strong revenues and healthy balance sheet growth.”

“We also maintained a strong capital position even after the distribution of AED 7.6 Billion of cash dividends earlier this year. As we enter our second year, FAB continues to make significant progress in delivering on its business objectives and integration milestones, with IT integration activities in particular moving forward at a steady pace and according to plan,” he added.

Saeed went on to say that “As part of our business expansion strategy, we are also extending our presence into Saudi Arabia, after receiving commercial and investment banking licenses from the Saudi Arabian Monetary Authority and Capital Market Authority.”

“Looking ahead to the remainder of 2018, we remain steadfast in our commitment to support the growth ambitions of our shareholders, customers, employees and all other stakeholders. We will continue to contribute to the late Sheikh Zayed bin Sultan Al Nahyan’s vision of a strong and prosperous UAE, as we put our customers first and remain ahead of market trends,” he concluded.

source: WAM

 

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