Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) posted a net profit of AED 8.15 billion in the first half (H1) of 2023, an annual surge of 65% from AED 8.03 billion.
The UAE lender stated that its H1-23 net profits are the highest-ever achieved by the group in a half-year period, according to a press release.
Meanwhile, the net profits attributable to the shareholders of FAB increased to AED 8.14 billion in H1-23 from AED 8.02 billion in H1-22.
The basic and diluted earnings per share (EPS) remained unchanged at AED 0.71 in H1-23 when compared to the same six months (6M) in 2022.
FAB’s operating income also soared by 44% year-on-year (YoY) to AED 13.56 billion in January-June 2023 from AED 9.43 billion.
Furthermore, the net fee and commission income of the bank grew on an annual basis to AED 1.54 billion in H1-23 from AED 1.47 billion.
The total assets hit AED 1.14 trillion as of 30 June 2023, compared with AED 1.11 trillion as of 31 December 2022.
Group CEO of FAB, Hana Al Rostamani, said: “During the period, positive growth momentum was sustained across all business lines, while we continued to invest in people, products, and technology to better serve our clients across our global footprint.”
Al Rostamani added: “In building on over five decades of success, FAB remains fully aligned to Abu Dhabi and the UAE’s ambitions and is uniquely positioned to deliver sustainable growth, enhance its competitive position and generate superior shareholder returns.”
Income statements for Q2-23
During the second quarter (Q2) of 2023, FAB generated net profits worth AED 4.22 billion, compared with AED 2.90 billion in Q2-22.
The basic and diluted EPS rose to AED 0.38 in Q2-23 from AED 0.26 in Q2-22.
FAB’s operating income in Q2-23 jumped to AED 6.83 billion from AED 4.97 billion in Q2-22.
Moreover, the net fee and commission income increased to AED 764.99 million during April-June 2023 from AED 699.38 million in the corresponding period a year earlier.
Group CFO at FAB, Lars Kramer, commented by saying: “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.”
Kramer added: “In the current high interest rate environment, we will continue to prudently manage risk, preserve a strong and resilient profile, and remain laser focused on enhancing group returns.”
In Q1-23, the UAE lender recorded net profits attributable to the shareholders worth AED 3.92 billion, down from AED 5.12 billion in Q1-22.
The operating income, meanwhile, grew to AED 6.73 billion in Q1-23 from AED 4.45 billion the same quarter a year earlier.
