Saturday, June 22, 2024

“First Abu Dhabi” net profit of AED 8.1 billion in first half, 65% growth

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Yesterday, First Abu Dhabi Bank announced an exceptional performance in the first half of 2023, with its net profit at 8.1 billion dirhams, with growth of 65%, the highest rate achieved in a half year.

Compared to the same period in 2022, its operating income is 13.6 billion dirhams, an increase of 44%, the bank indicated in a statement. This growth was driven by a number of factors, including the steady momentum of the group’s various businesses, continued strength in the fee-based business and increased market-related business revenue.

Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said: “We achieved record results in the first half of 2023, with a net profit of 8.1 billion dirhams, while operating income reached 13.6 billion dirhams, which is the highest ratio we have achieved in a half year.”

He added, “First Abu Dhabi Bank’s solid foundations, solid financial position and total assets, which exceed 1.1 trillion dirhams (US$312 billion), have contributed to its ranking among the world’s largest and most powerful banks. Its composite rating (AA-) or its equivalent rating and confirmation of this rating by agencies (Moody’s and Standard & Poor’s) also came to improve the bank’s position during various economic cycles.

Al Rostamani said: “During this period, the group’s various business sectors maintained significant business momentum and achieved positive growth.” He further emphasized, “The success and growth of First Abu Dhabi Bank in more than five decades is in line with the aspirations of Abu Dhabi and the UAE and provides a great incentive for all employees of the group to put in more effort and enhance its unique position in order to continue to deliver strong and sustainable returns to shareholders and customers.”

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For his part, First Abu Dhabi Bank Group Chief Financial Officer Lars Kramer said: “First Abu Dhabi Bank succeeded in achieving strong financial results in the second quarter and first half of 2023, as the return on fixed equity rose to 18.6%. 023 ».

Kramer pointed out that operating income increased 44% in the first half of the year as a result of the performance of the group’s various businesses and its business momentum, rising interest rates and continued focus on developing and strengthening the sales force. Operating performance recorded a significant improvement compared to the same period last year, and the ratio of expenses to revenue reached 25.2% at the end of the first half of 2023 compared to 32.2% in the first half of 2022.

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

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