First Abu Dhabi Bank (FAB), reported a group net profit of Dhs9.4 billion, up four per cent year-on-year, for the nine-month period ended 30th September 2019.

According to a statement released by the UAE’s largest bank, a solid set of results were driven by core revenue momentum, with annualised earnings per share, EPS, at Dhs1.10, compared to Dhs1.07 in the first nine months of 2018.

FAB also reported third quarter net profits of Dhs3.1 billion, up three per cent year-on-year, driven by a five per cent increase in operating income.

Strong balance sheet growth reflecting sustained business activity and risk discipline were also reported by the bank, with total assets at Dhs788 billion, up six per cent year-to-date.

Commenting on the bank’s performance, Abdulhamid Saeed, 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.”

Reflecting FAB’s leading role in supporting economic and social development plans in Abu Dhabi and across the UAE, we continued to support the Emirate’s Ghadan 2021 stimulus package by contributing  to various programmes.

He added, “we are entering the last quarter of 2019 with a robust balance sheet, strong capital and liquidity ratios, stable asset quality, and improved returns. Further emphasising the bank’s strong financial position, we were pleased to see  FAB being recognised once again this year as the safest bank in the Middle East, 4th safest in Emerging Markets and 22nd safest amongst commercial banks globally by Global Finance magazine. Despite a more challenging global and regional  outlook, we remain on a solid track to achieve a record performance in 2019, and maximise shareholder returns.”  

WAM