Sunday, May 19, 2024

First Abu Dhabi: Quarterly net profit of AED 3.9 billion


Key performance indicators for the first quarter of 2023 show that First Abu Dhabi Bank achieved double-digit revenue growth, driven by business stability, higher interest rates and strong revenue growth across the group’s various businesses.

According to the financial results, operating revenue was 6.7 billion dirhams, an increase of 51% compared to the same period in 2022, while net profit was 3.9 billion dirhams, an increase of 60% compared to last year. Quarter of 2022. Tangible property rights 18.5%.

Excluding 2.8 billion dirhams from the profit from the sale of “Magnati” shares in the first quarter of 2022, net profit increased by 70% compared to the same period last year.

In turn, the ratio of expenses to revenue was 25.1%, compared to 33.2% in the first quarter of 2022, and impairments (net) were 798 million dirhams, bringing the annual cost of risk to 62 basis points.

“First Abu Dhabi” confirmed the continuity of the balance sheet, supported by strong liquidity ratios and credit growth, as loans, advances and Islamic financing totaled 473 billion dirhams, an increase of 3% compared to the previous quarter. , and 9%, compared to the same period in 2022.

Customer deposits were 781 billion dirhams, an increase of 11% compared to the previous quarter and 30% compared to the same period in 2022, and current and savings account deposits were 316 billion dirhams, an increase of 6% compared to the previous quarter.

The group maintained strong liquidity ratios as the liquidity coverage ratio reached 151%, while the non-performing loan ratio remained stable at 3.8%, while the provisions coverage ratio reached 101%.

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Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said: “Despite challenges in the banking sector in global markets, First Abu Dhabi Bank Group continues its excellent performance, based on the strength of its balance sheet, liquidity and capital ratios.”

He added, “In the first quarter, we succeeded in attracting a high percentage of customer deposits amounting to 80 billion dirhams, confirming the strength of our relationships with customers, and our outstanding credit rating (AA-) or equivalent. The safest banks in the world.”

He added, “In the first quarter of this year, we will continue to evolve to meet the changing needs of customers across multiple categories and build on our broad business scope, expertise, renowned partnerships and transformative capabilities of technology. A modern banking institution that focuses on customer service and can meet future needs.

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

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