First Abu Dhabi Bank (FAB) has announced impressive financial results for the first nine months of 2024, showcasing a 16% increase in revenue year on year (YoY) to AED 23.9 billion.
Profit before tax surged by 15% to AED 15.3 billion, reflecting robust client activity across the Group's diverse franchise.
The bank's net profit climbed 4% YoY to AED 12.9 billion, with a notable 5% increase in Q3 2024, bringing the total to AED 4.5 billion. Total assets grew by 5% to AED 1.2 trillion, bolstered by a 9% rise in loans and advances to AED 528 billion and an 8% increase in deposits, now totaling AED 820 billion.
FAB's international operations experienced accelerated growth, with revenue from this segment soaring by 33% in the first nine months. This area now represents 26% of the Group's total assets. The bank maintained strong asset quality, boasting a non-performing loan (NPL) ratio of 3.8% and a liquidity coverage ratio (LCR) of 140%. A cost-to-income ratio of 24.3% reflects the bank's continued investments in talent and technology.
Hana Al Rostamani, Group CEO, attributed the growth to FAB's client-centric strategy, emphasizing its role in enhancing customer engagement across various banking segments. The bank has made significant strides in facilitating sustainable financing projects, now totaling AED 216 billion, representing 43% of its 2030 target.
Lars Kramer, Group CFO, highlighted the impact of robust economic conditions and volume growth on the bank’s performance. With a recently reaffirmed AA- credit rating by Fitch Ratings, FAB is well-positioned to navigate evolving market dynamics.
News Source: Emirates News Agency
