AED 2.9 billion net profit for the second quarter, an increase of 19%

"First Abu Dhabi": 5.4 billion dirhams, net profits for half-year

Yesterday, First Abu Dhabi Bank announced its financial results for the first half of 2021, revealing that the group achieved a net profit of 5.4 billion dirhams at the end of the first half of 2021, an increase of 11% compared to the same period in 2020.

powerful results

According to the statement, the group achieved strong financial results, as the net profit for the second quarter of this year recorded 2.9 billion dirhams, an increase of 16% compared to the first quarter, and an increase of 19% compared to the same period in 2020.

The annual earnings per share amounted to 96 fils, an increase of 14% compared to the first half of 2020, while the operating income amounted to 9.6 billion dirhams at the end of the first half of 2021, an increase of 2% compared to the same period in 2020.

In turn, provisions for impairment amounted to 1.1 billion dirhams, which is 36% lower compared to the same period in 2020, and operating costs amounted to 2.8 billion dirhams, an increase of 7% compared to the same period in 2020, in light of the continued strategic investments and the strengthening of digital infrastructure.

assets and deposits

The financial results showed strong rates that reflect the strength of the balance sheet, as total assets amounted to 944 billion dirhams, an increase of 3% at the end of the first half of 2021, at a time when customer deposits amounted to 575 billion dirhams, an increase of 6% at the end of the first half of 2021, and by 1% compared to the first quarter.

In turn, loans and advances amounted to 399 billion dirhams, an increase of 3% during the first half of 2021. The group also maintained high liquidity rates, as the liquidity coverage rate reached 119%, the non-performing loans ratio reached 3.9%, while the coverage ratio of provisions reached 97 %.

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said that the group's strong results during the first half of 2021 are evidence of the success of the planning and implementation efforts of our strategic priorities, and our ability to enhance our competitive position and take advantage of the opportunities that resulted from improved market conditions.

She continued: "The bank has continued to excel at the international level, and has made remarkable progress in its strategy to enhance its market share and expand its business in the target markets in the region;

Revenues from the Middle East and North Africa region increased by 67% in the second quarter of 2021, and by 51% in the first half of the year, thanks to the bank’s business in Saudi Arabia and Egypt, which currently represents about half of the bank’s revenues from international business.

revenue growth

In turn, Chief Financial Officer of First Abu Dhabi Bank, James Burdett, said: “We were able to achieve these strong results thanks to revenue growth that increased by 18% compared to the first quarter, as a result of the excellent performance of the corporate, investment and retail banking business, as well as the high revenue contribution International operations after the acquisition of Bank (Awdah Misr).

He stressed that the bank maintained good liquidity levels and continued to diversify the balance sheet profits to enhance the group's returns.

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