Monday, May 27, 2024

12.4 billion dirhams, net profit of “First Abu Dhabi” in 9 months


First Abu Dhabi Bank achieved a record performance in the first nine months of this year, with net profit reaching 12.4 billion dirhams, up 58% compared to the same period last year (before accounting for Magnati-related gains in 2022), while revenues rose 38% to 20.5 billion dirhams, the bank’s Reflecting continued success in executing the ambitious growth strategy, while return on firm equity rose to 18.3%.

The bank said in a statement yesterday that it posted a net profit of 4.3 billion dirhams for the third quarter of 2023, an increase of 46%, the highest in the bank’s history. And revenue increased by 27% to seven billion dirhams.

Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said: “Improving business performance led the group to achieve another record in the third quarter of this year, with net profit reaching AED 12.4 billion, an increase of 58% from the start. Compared to the same period of the year, compared to the same period of the year.” In 2022, operating revenue exceeded 20 billion dirhams.”

He added: “The confirmation of the bank’s credit rating (AA-) or equivalent and the strength of its financial results and cash flow are no doubt a clear indication of First Abu Dhabi Bank’s strong financial position and continued growth. Its business in all sectors.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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