8 billion dirhams, net profit of "First Abu Dhabi" during the first half

  • "First Abu Dhabi" achieved 12.5 billion dirhams in total revenues.

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  • Hana Al Rostamani: “The rise in net lending is a record achievement that reflects the bank’s capabilities and the fundamental strength of our balance sheet.”

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The First Abu Dhabi Bank announced that the group recorded a net profit of eight billion dirhams during the first half of this year, an increase of 50% compared to the same period in 2021, while the annual earnings per share amounted to 1.43 dirhams.

revenue and costs

According to the financial results, total revenues amounted to 12.5 billion dirhams, an increase of 31% compared to the same period in 2021, and includes 3.1 billion dirhams net profit from the sale of the majority stake in Magnati Payments.

In turn, the operational costs amounted to 3.1 billion dirhams, an increase of 8% compared to the same period in 2021, after excluding the business costs of Bank Audi Egypt.

Second Quarter

The performance indicators during the second quarter of 2022 showed that the group achieved a net profit of 2.9 billion dirhams, an increase of 13% compared to the previous quarter, after excluding the profits from selling a share of Magnati Payments Company, while the operating income amounted to five billion dirhams.

For its part, loans and advances and Islamic financing amounted to 459 billion dirhams, an increase of 6% compared to the first quarter, and an increase of 12% from the beginning of this year until the end of the second quarter.

Customer deposits recorded 648 billion dirhams, an increase of 8% compared to the first quarter, and an increase of 5% from the beginning of this year until the end of the second quarter, and deposits of current and savings accounts amounted to 291 billion dirhams, an increase of 15% compared to the same period in 2021. The group has high liquidity ratios, as the liquidity coverage ratio reached 135%.

strong performance 

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said that the bank achieved a strong performance during the first six months of 2022, with a 50% increase in net profits, compared to the same period in 2021.

And she continued: “Net lending to First Abu Dhabi Bank has increased by about 50 billion dirhams since the beginning of the year, which is a record achievement for the group in half a year, and reflects the booming regional activity and the bank’s distinguished capabilities, and the fundamental strength of our balance sheet that is effectively utilized in a way that supports customers and meets their banking needs locally and abroad. The state".

sequential growth

For his part, Chief Financial Officer of the First Abu Dhabi Bank Group, James Burdett, said that all core business of the group achieved sequential growth, as a result of double-digit growth in investment banking, corporate banking and business, despite the difficult market conditions, thanks to the strength of momentum and initial advantages. From the rise in interest rates and the activities of dealers within the global markets, in line with our strategy to enhance the desire of customers to obtain banking services and products.

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