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Emirates News Agency – AED 12.4 billion in net profit for “First Abu Dhabi”, 58% growth in 9 months

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Abu Dhabi, October 19, 2020: First Abu Dhabi Bank achieved record performance in the first nine months of 2023, with net profit reaching AED 12.4 billion, up 58% compared to the same period last year. to Magneti in 2022). ); Revenue increased by 38% to 20.5 billion dirhams, reflecting the bank’s continued success in implementing its ambitious growth strategy. Return on fixed equity increased to 18.3%.

In the third quarter of 2023, the bank recorded a net profit of 4.3 billion dirhams, an increase of 46%, the highest in the bank’s history to date. Revenue also increased by 27% to 7 billion dirhams.

Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said increasing business performance led the group to achieve another record in the third quarter of this year, with net profit reaching 12.4 billion dirhams, an increase of 58% since the beginning. 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 of “AA-” (or equivalent), financial results and strength of liquidity are without doubt a clear indication of First Abu Dhabi Bank’s strong financial position. The continuous growth of its business in all sectors, these results reflect its tireless efforts. The group aims to strengthen its position as a trusted financial and banking institution in the UAE and the Middle East and North Africa region.

Al Rostamani pointed out that as the importance of financing in support of sustainability initiatives is increasing, First Abu Dhabi Bank has recorded several important achievements in this regard by pioneering the sector by providing green financing along with reducing carbon emissions. It is the first bank from the region and Gulf Cooperation Council countries to join the Net Zero Banking Alliance (NZBA) launched by the United Nations.

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He said: “The company is moving forward in achieving its commitments in the field of sustainability in line with the strategy of the United Arab Emirates and the Emirate of Abu Dhabi, which aims to establish sustainable development in the long term, and the participation of the bank comes. It is a strategic partner for the Conference of the Parties to the United Nations Convention on Climate Change (COP28), which is translating these commitments into the period from November 30 to December 12, 2023.

Al Rostamani concluded that markets see the result of promising economic partnerships that will reflect positively on the region and open up new opportunities for First Abu Dhabi Bank to enhance its position as a regional financial institution and a key gateway for global trade and investment. .

For his part, First Abu Dhabi Bank Group Chief Financial Officer Lars Kramer said: “The bank achieved strong results in the third quarter based on the fundamental growth indicators achieved since the beginning of the year. A very attractive return on firm equity of 18.3% for the first nine months of 2023.

He added: “Operating revenue increased by 38% compared to the same period last year as a result of continued increase in net interest income, improved margins and diversified revenue sources. We continued to invest in talent and transformation processes to maintain business growth and better operational discipline.

Confirming that First Abu Dhabi Bank aims to provide USD 75 billion worth of green financing by 2030, Lars pointed out that in the first nine months it has provided financing for sustainable projects worth more than USD 18 billion, totaling USD 27 billion. Dollars to date (starting in 2022).

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He said the bank sees the green finance sector and sustainable finance as promising growth markets and the “COP28” conference will help highlight the group’s leadership in this sector and demonstrate its potential to accelerate the sector’s growth and potential. First Abu Dhabi Bank Group is well positioned to deliver profitability in 2023 and the years ahead, as it continues to execute on its strategic priorities to achieve sustainable returns for shareholders.

He concluded by saying: “The strong fundamentals experienced by First Abu Dhabi Bank have helped it keep pace with various changes, with interest rates continuing to rise. Despite continuous investments to grow and develop the business, the Group has maintained a good ratio of expenses to revenue, at 25.4% during the period. The top nine Over the months, First Abu Dhabi Bank maintained capital strength and asset quality and continued to improve its capital structure by issuing its first Tier 2 bonds in October, the largest of its kind for conventional bonds in the Middle East and North Africa region.

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

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