an increase of 26%

9.2 billion dirhams, profits of "First Abu Dhabi" in 9 months

The bank's total assets amounted to 983 billion dirhams.

From the source

The First Abu Dhabi Bank Group achieved a net profit of 9.2 billion dirhams during the first nine months of this year, an increase of 26%, compared to the same period last year, which reflects the strong performance of the core business, in light of the improved business environment and the positive results of strategic initiatives aimed at Boost revenue.

The bank said in a statement yesterday, in which it announced the financial results of the group, that the bank recorded 3.9 billion dirhams of net profits during the third quarter of this year, an increase of 34%, compared to the second quarter, and an increase of 54%, compared to the same period in 2020. Operating revenues amounted to 16 billion dirhams, during the first nine months of 2021, an increase of 17%, compared to the same period in 2020, due to the strong growth of non-interest income.

Provisions for impairment amounted to 1.9 billion dirhams, which is 16% less, compared to the same period last year, which reflects the improvement in economic conditions and the maintenance of adequate proportions of provisions, while operational costs amounted to 4.4 billion dirhams, an increase of 15%, compared to the same period in 2018. 2020.

Total assets amounted to 983 billion dirhams, an increase of 7% during the first nine months of this year, while customer deposits amounted to 606 billion dirhams, an increase of 12% during the first nine months of 2021, and an increase of 5%, compared to the second quarter of 2021, as a result of double-digit growth in current and savings accounts deposits.

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “The bank achieved an outstanding performance during the first nine months of 2021, which reflects the remarkable progress in our plans to achieve growth and progress, while we continue to play a key and influential role in accelerating the pace of recovery. We achieved the highest percentage of profits so far, during the third quarter, thanks to the remarkable recovery in economic activities in Abu Dhabi, and the region in general.”

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