First Abu Dhabi Bank (FAB) today announced its record performance with a first half 2023 net profit at AED 8.1 billion, the highest ever achieved by the Group in a half-year period.
Return on Tangible Equity (ROTE) increased substantially to 18.6 percent, with strong capital accretion lifting Group CET1 to 13.6 percent as of June-end 2023.
Group operating income amounted AED 13.6 billion, an increase of 44 percent compared to the same period last year. Growth was driven by sustained momentum across all business lines, continued strength in fee-based businesses, and higher market-related income.
The results also demonstrated that the Group continued to manage risks, control costs, and maintain a robust foundation underpinned by strong organic capital generation. This is evident in the Common Equity Tier 1 (CET1) strengthening to 13.6 percent as of June-end 2023, compared to 12.6 percent as of June-end 2022.
Commenting on the bank’s performance, Hana Al Rostamani, Group Chief Executive Officer of FAB, said,
“The Group’s achievements demonstrate steady progress against our growth strategy and strengthen our position as the financial institution of choice. Throughout the quarter and in the first half of this year, we have fulfilled our commitment to delivering the best financial and banking products and services to our clients across our diversified franchise, while empowering the UAE’s status as a global financial hub."
Lars Kramer, Group Chief Financial Officer at FAB, commented,
“FAB continues to operate from a strong foundation with a unique liquidity and funding profile, and ample capacity to continue to effectively support our clients in our home market and across our strategic footprint."
News Source: Emirates News Agency