FAB reports Dhs2.4b net profit for Q1

First Abu Dhabi Bank (FAB), UAE’s largest bank and one of the world’s largest and safest financial institutions, reported its financial results for the first quarter ended March 31, 2020 today.

The bank delivered a resilient performance with a net profit of Dhs2.4 billion for the first three months of 2020, down 22 per cent from the same period in 2019 mainly as a result of lower revenue due to rate cuts and unprecedented market conditions during the period, as well as prudent provisioning in light of a more challenging operating environment. The Group focused on maintaining a robust balance sheet during the period, with strong liquidity and capital ratios, as well as healthy asset quality metrics, leveraging its inherent strength and scale to support customers and the wider community navigate unprecedented times due to the COVID-19 pandemic.

Sheikh Tahnoun Bin Zayed Al Nahyan, National Security Adviser and Chairman of FAB, said: “FAB entered a period of unprecedented challenges for the global economy with an exceptionally strong balance sheet and capital position, enabling the bank to fully support customers and help to mitigate the wider economic impact by playing an integral role in the government’s targeted relief measures. FAB has worked with the public and private sectors throughout in a spirit of partnership and collective responsibility, to support the economic prosperity of our nation and extend support where it is needed.

Commenting on the results, André Sayegh, Group Chief Executive Officer, added: “FAB delivered a resilient performance in the first quarter of 2020 in an unprecedented and challenging market environment.

WAM