The bank recorded strong liquidity rates and an increase in revenues to 18 billion dirhams

The net profit of "First Abu Dhabi" records 10.9 billion dirhams in 9 months

Hana Al Rostamani: “The bank’s rating is mediocre, a clear evidence of its long-term commitment to the highest standards of security and stability.”

The First Abu Dhabi Bank Group announced a net profit of 10.9 billion dirhams during the first nine months of this year, an increase of 19% compared to the same period last year, while the basic earnings per share amounted to 1.29 dirhams.

The group’s total revenues amounted to 18 billion dirhams, an increase of 13%, compared to the same period last year, due to an increase in net interest income by 18%.

Total revenues for the first nine months included a net gain of 3.1 billion dirhams, as a result of selling a stake in the payments company "Magnati".

In turn, operating costs amounted to 4.7 billion dirhams, an increase of 6%, compared to the same period last year, excluding the operations of "Bank Audi Egypt".

For its part, performance indicators showed, during the third quarter of 2022, that the group recorded a net profit of 2.9 billion dirhams, an increase of 12%, compared to the second quarter of 2022, excluding the gains that were recorded in the second quarter due to the sale of a stake in the payments company “Magnati”. .

Operating revenues amounted to 5.5 billion dirhams, an increase of 10%, compared to the second quarter, as a result of the increase in interest and non-interest income.

“First Abu Dhabi” confirmed the continued growth of the balance sheet, thanks to the momentum of lending and the rise in deposit flows of dealers, as loans, advances and Islamic financing amounted to 465 billion dirhams, an increase of 2% compared to the previous quarter, and an increase of 14% since the beginning of 2022.

Customer deposits amounted to 746 billion dirhams, an increase of 15%, compared to the previous quarter, and by 21% since the beginning of 2022.

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “The results achieved by First Abu Dhabi Bank, during the first nine months of 2022, reflect the remarkable progress made by our strategy to enhance the pace of growth for our various businesses, and confirm the strength and resilience of the region’s economies and their ability to overcome challenges. growing global.

She added: “The group achieved a record growth in net profit of 10.9 billion dirhams, an increase of 19%, compared to the same period last year, which reflects the strong performance of our core business.

The bank maintained a strong balance sheet, which enabled us to continue focusing on the process of growing and developing our business for the better in the UAE and the region.”

Al Rostamani affirmed that First Abu Dhabi Bank continues to consolidate its position at the forefront of the safest banks in the Middle East, and rank it as the 14th safest commercial bank in the world.

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