7.3 billion dirhams profits from "First Abu Dhabi" during 9 months
The net profit of First Abu Dhabi Bank Group reached 2.5 billion dirhams during the third quarter of this year, an increase of 4% compared to the second quarter, while the net profit reached 7.3 billion dirhams during the first nine months of 2020, according to the financial results issued by the group for the months The first nine ended September 30, 2020.
First Abu Dhabi Bank maintained the strength of the balance sheet by enhancing liquidity, financing operations and capital ratios, while asset quality maintained its strong levels thanks to careful and conservative risk management, and thanks to the support measures adopted within the framework of the Central Bank of the United Arab Emirates' comprehensive economic support plan.
André Sayegh, CEO of First Abu Dhabi Bank Group, said, "First Abu Dhabi Bank has performed well during the first nine months of 2020, as it succeeded in managing major risks in light of the unprecedented conditions that the world is witnessing."
He added, "With total assets reaching nearly a trillion dirhams by the end of September 2020, the strong business fundamentals have enabled us to continue providing support to customers and benefit from the gradual recovery of the economy and the return to market activity."
Sayegh explained that the new partnership with the "holding" - ADQ - and the integrated digital bank that it intends to establish is an important achievement that comes within the framework of our commitment to support the digital ambitions of the Emirate of Abu Dhabi.
For his part, Chief Financial Officer of First Abu Dhabi Bank Group, James Burdett, said, “The group’s net profit amounted to 2.5 billion dirhams during the third quarter of 2020, an increase of 4% compared to the previous quarter, which represents the strongest quarterly performance achieved by the group this year. ".
He added, "Despite the continuing difficulties due to low interest rates and the difficult environment resulting from the continuing outbreak of the emerging (Corona) virus, the rise in retail banking services revenues contributed to compensating for this and mitigating the impact of these challenges, reflecting the recovery of business activity and the return of sales momentum to some levels. Before the outbreak, and strong results from our continued focus on sales growth and revenue diversification. "
Burdett pointed out, "The operational costs witnessed an improvement of 7% compared to the same period last year, which reflects our ability to control costs in light of the continued investment in our most prominent strategic and digital initiatives aimed at enhancing productivity and creating future efficiencies."
He continued, "While we continued the thoughtful distribution of allocations to our business portfolio, we benefited from the partial closure of one of the large bank accounts, which resulted in lower allowances for impairment compared to the last quarter. The group maintained strong capitalization as the equity-tier 1 ratio reached 14.0%, which is Higher than regulatory requirements. "
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