4.2 billion dirhams in profits "First Abu Dhabi" In the first quarter…its assets exceeded 1.2 trillion dirhams
Abu Dhabi, 1st May / WAM / First Abu Dhabi Bank has achieved strong results since the beginning of 2024, with net profits reaching 4.2 billion dirhams and revenues rising to 8 billion dirhams during the first quarter of the year, which reflects the success of the development strategy followed by the bank.
The bank’s exceptional performance is reflected in the growth of revenues by 18 percent, compared to the first quarter of last year, to reach 8 billion dirhams, driven by business growth, the strength of the balance sheet, and a high interest margin, in addition to unfunded revenues, which contributed by 39 percent, while Net profits increased by 6 percent compared to the same quarter last year.
These results reflect the limited impact of the corporate tax that was recently adopted in the country. First Abu Dhabi Bank also continued to consolidate its leading position as the largest bank in the UAE, as at the end of last March, with the value of total assets reaching 1.24 trillion dirhams ($363 billion). Loans to 508 billion dirhams, and deposits to 803 billion dirhams. This is the highest in the bank’s history.
The return on tangible equity reached 17.4 percent, in line with the bank’s medium-term trends aimed at maintaining this ratio at more than 16 percent, and reflecting its commitment to achieving sustainable value for shareholders.
The bank also maintained strong liquidity and operational efficiency, and a 24 percent ratio of expenses to revenues.
Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said on this occasion: “First Abu Dhabi Bank continues to achieve exceptional results and remarkable growth in revenues compared to last year, supported by business expansion in all sectors, which has contributed to strengthening our financial foundations and the group’s assets exceeding the threshold of 1.2. One trillion dirhams…and our focus remains directed towards continuing to implement our development strategy, enhancing our capabilities and competencies, and achieving sustainable value for our shareholders.”
She pointed out that the financial results achieved by First Abu Dhabi Bank since the beginning of 2024 confirm the strength of the bank’s components and reflect the outstanding performance it achieved during the year 2023, which was embodied in the growth of profits and revenues and the continued work to enhance the flexibility factor in the business.
She pointed out that the bank’s successes are based on the strong foundations of the UAE’s economy, which coincides with the growth of the momentum of the group’s international activities.
Al Rostamani added: “We continue to put our customers at the top of our priorities, by focusing on adopting the latest innovations and technical developments, in addition to diversifying business sectors and focusing on sustainable financing, in a manner capable of keeping pace with the rapid changes in regional and international markets.”
For his part, Lars Kramer, Group Chief Financial Officer at First Abu Dhabi Bank, said: “First Abu Dhabi Bank got off to a strong start this year, with double-digit growth in revenues, and this growth contributed to maintaining strong levels of provision coverage, especially in light of what the world is witnessing.” of fluctuations at the current stage.”
He added that the bank achieved exceptional results during the first quarter of 2024, in addition to maintaining the strength of the balance sheet, capital base, liquidity, and high-quality risks.
He stressed the bank’s commitment to achieving a return on tangible equity of more than 16 percent in the medium term, which was embodied in this ratio reaching 17.4 percent during the first quarter of the year.
Based on the great momentum it witnessed in 2023, First Abu Dhabi Bank continued to generate revenues from its various business sectors and the markets in which it operates. In this context, revenues from investment banking services increased by 26 percent compared to the same period last year to reach 2.8 percent. billion dirhams, while corporate and business banking services recorded revenues of 1.8 billion dirhams, an increase of 6 percent compared to the same period last year.
Global markets achieved a growth of 29 percent compared to revenues for the same period last year, which amounted to 1.9 billion dirhams. Revenues from retail banking services also increased by 37 percent compared to the same quarter of last year, reaching 1.1 billion dirhams, and international private banking services recorded growth. Revenues increased by 12 percent compared to the same period last year, reaching 308 million dirhams.
Revenues from local operations increased by 14 percent compared to last year to reach 5.9 billion dirhams, while international operations achieved a growth of 33 percent compared to the same quarter of last year to reach two billion dirhams.
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