UAE’s FAB records three per cent increase in Q3 2019 net profit

SHUTTERSTOCK/JEFF KINGMA

Abu Dhabi-based First Abu Dhabi Bank (FAB) has reported a net profit of AED 3.11 billion in Q3 2019, a three per cent increase compared with AED 3.02 billion the same period last year driven by higher non-interest income.

Abdulhamid Saeed, the Group Chief Executive Officer of FAB, said, “Our financial results for the third quarter of the year reflect a solid performance characterised by the effective execution of our strategy to drive growth and transformation as we remain firmly on track to unlock our full potential.”

Additionally, loans and advances totalled AED 378 billion, a seven per cent year-on-year increase, while deposits were up by five per cent to reach AED 477 billion.

The bank’s total assets totalled AED 788 billion in Q3 2019, a six per cent year-on-year increase, while risk-weighted assets (RWA) grew marginally by one per cent over the same period under review.

Internationally, the lender said that it is on track to implement its strategy in targeted markets, including Saudi Arabia, where the bank plans to open a second branch in the city of Khobar.