Q2 net profit reached AED 3.1 Billion, up 19 per cent year-on-year.
First Abu Dhabi Bank (FAB), reported its financial results for the first half of 2018. In the first half of the year, group net profit reached AED 6.1 billion, up 10 per cent on the previosu year. Second quarter profit was AED 3.1 billion—up 19 per cent year-on-year. Operating income was AED 9.8 billion, which was broadly in line with a strong first half in 2017 which included opportunistic investment gains, according to FAB. FAB’s Aa3/AA- ratings were reaffirmed by Moody’s and S&P during the period, and assigned to its subsidiary FAB USA and the Washington DC branch.
“I am pleased to report that FAB has built on the positive momentum generated at the start of the year to deliver another strong set of results in the second quarter of 2018. Our Group Net Profit, which has grown consistently since Q2 2017, stood at AED 3.1 Billion for the quarter, increasing by 19% over the same period last year and leading to record half year profits above the AED 6 Billion mark. The group’s excellent performance was achieved on the back of healthy asset growth, and significantly lower risk and operating costs, as we continued to capitalise on solid asset quality and provision buffers, as well as substantial synergies realised from the merger. At the same time, the reaffirmation of our Aa3 and AA- ratings by Moody’s and Standard and Poor’s, and the assignment of the same ratings to our US subsidiary, are a clear testament to the solid fundamentals and financial strength of our bank. Just recently, FAB made a remarkable entry into The Banker’s Top 1000 World Banks 2018 ranking as the number one bank in the Middle East by capital strength, and the 81st worldwide, emphasising FAB’s significance in the global banking landscape,” Abdulhamid Saeed, Group Chief Executive Officer of FAB, said.
“In light of a strong first half and as we enter the final stretch of our integration journey, FAB is firmly on track to deliver another record performance for 2018. Despite persistent challenges, the economic outlook over the medium-term remains positive, underpinned by continuous reforms and initiatives to drive growth. In this context, we are fully committed to supporting the stimulus plan recently announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, which will help to accelerate further economic growth and diversification, and enhance Abu Dhabi’s competitiveness and position as one of the world’s leading economic hubs,” he added.