Saturday 26 September 2020

Image courtesy: WAM

FAB reports 2019 Group net profit of $3.4bn

ABU DHABI, January 29, 2020

First Abu Dhabi Bank (FAB) has posted a net profit of Dh12.5 billion ($3.4 billion) for 2019, up 4 per cent from Dh12.0 billion in 2018, reported Emirates news agency Wam.

Sheikh Tahnoun bin Zayed Al Nahyan, chairman of FAB, said: "2019 marked another year of growth for FAB, despite challenging market conditions regionally and internationally.”

“The Group’s solid financial results for the full year of 2019 are testament to the strength of our leading corporate and retail businesses, and demonstrate clear progress in our strategy as we continue to better serve our clients in the UAE and across our global network. In line with our commitment to maximise shareholder returns, FAB’s Board of Directors has recommended to distribute a cash dividend of 74 fils per share for the full year ended 31st December 2019. We are starting off 2020 with a robust capital position, enabling us to support our future growth plans in the UAE and across strategic markets"

“As a leading and responsible bank, our long-standing commitment to sustainable finance is firmly embedded in our business model and strategy. By 2019 and only four years after committing to finance US$10 billion worth of sustainable projects over 10 years, I am pleased to announce that FAB already exceeded this target, 6 years ahead of plan.

“As the UAE approaches its Golden Jubilee, FAB will continue to be a key partner to support the government’s long term sustainable growth agenda, and help build a better world for future generations,” he added.

Abdulhamid Saeed, Group chief executive officer, commented: "I am pleased to report that FAB delivered a Group net profit of Dh12.5 billion in 2019, an increase of 4 per cent compared to 2018, with Group Revenue crossing the Dh20 billion mark. These results were driven by the solid underlying performance of our core businesses despite challenging operating conditions, including a reversal of the interest rate cycle in the second half of the year."

"In 2019, the Group outperformed market growth across key segments, while maintaining risk discipline, which resulted in higher risk-adjusted returns year-on-year. Investments in key strategic and digital initiatives enabled us to enhance customer experience, support business productivity, and position the Group for future growth and ongoing agility. FAB presents solid fundamentals as of December-end 2019 with improved liquidity and funding ratios, a robust capital position, and healthy risk metrics.

"FAB’s diversified business model, strong financial profile, and leading role as a strategic partner to Abu Dhabi’s economic growth and diversification plans, position us well to successfully navigate an ever-evolving economic and regulatory landscape, and transform challenges into opportunities. Internationally, we continue to implement our growth strategy in targeted markets, as we enter into exclusive discussions with Bank Audi to acquire its fully owned subsidiary in Egypt.

"Looking ahead, we remain firmly committed to maximising shareholder returns, and supporting our employees, customers and the communities we operate within as we grow stronger, together,” he added.


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