First Abu Dhabi Bank (FAB)

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News

3 September 2023 01:33 PM FAB’s unit in Egypt logs EGP 6.6bn profits in H1-23

Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a private bank operating in Egypt, witnessed 317% year-on-year (YoY) higher net profits at EGP 6.60 billion in the first half (H1) of 2023, according to the income statements.  The subsidiary …

Financial Results

27 August 2023 05:18 PM FAB announces alliance with Magnati, Geidea to boost digital presence in Saudi Arabia

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) unveiled a strategic alliance with fintech firm Geidea as well as Magnati to provide digital payment acceptance services for Saudi Arabia-based businesses. The tripartite collaboration aims to be …

Companies Investments

23 August 2023 11:14 AM Six UAE lenders endorse green economy via AED 190bn financing

UAE – Mubasher: Six UAE lenders contributed to green financing with a total of AED 190 billion ($51.80 billion) by the end of 2022, the UAE Banks Federation (UBF) announced. The lenders are First Abu Dhabi Bank (FAB), Abu Dhabi Commercial …

Central Banks

23 July 2023 01:44 PM FAB records over AED 8bn net profits in H1-23

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 …

Banking and Finance

22 June 2023 06:26 PM FAB’s unit in Egypt witnesses 572% leap in Q1-23 net profits

Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a private bank operating in Egypt and the subsidiary of the UAE listed First Abu Dhabi Bank (FAB), generated EGP 4.79 billion worth of net profits in the first quarter (Q1) of 2023. The …

Financial Results

24 May 2023 04:47 PM UAE-based FAB teams up with Saudi Alfanar to launch SCF Programme

Mubasher: First Abu Dhabi Bank (FAB) has partnered with Saudi Arabia-based Alfanar to launch FAB’s Supply Chain Finance (SCF) programme in the Kingdom, aiming to expand its value-added trade product and channel capabilities across the region. Upon …

SM - Private Companies News

27 April 2023 05:03 PM FAB unveils AED 3.92bn net profits in Q1-23

Abu Dhabi – Mubasher: The net profits attributable to the shareholders of First Abu Dhabi Bank (FAB) hit AED 3.92 billion in the first quarter (Q1) of 2023, an annual plunge of 23% from AED 5.12 billion. Basic and diluted earnings per share (EPS) …

Financial Results

5 April 2023 03:50 PM FAB’s unit in Egypt records 129% higher annual net profit in 2022

Cairo – Mubasher: First Abu Dhabi Bank Misr (FABMISR), a subsidiary of the UAE’s First Abu Dhabi Bank Group (FAB) and one of the largest foreign banks operating in Egypt, achieved a 129% year-on-year (YoY) surge in net profit to EGP4.50 billion in …

Banking and Finance

1 March 2023 01:58 PM FAB’s shareholders greenlight AED 5.74bn dividends for 2022

Abu Dhabi – Mubasher: The shareholders of First Abu Dhabi Bank (FAB) approved cash dividends worth AED 5.74 billion, representing 52% of the paid-up capital, for 2022. The UAE lender will pay out a dividend of AED 0.52 per share, according to a …

Banking and Finance

26 January 2023 05:02 PM FAB sees 7% YoY growth in 2022 profits; dividends proposed

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) posted net profits to the owners worth AED 13.41 billion in 2022, witnessing an annual rise of 7% from AED 12.53 billion. The basic and diluted earnings per share (EPS) went up to AED 1.18 in 2022 …

Banking and Finance

25 December 2022 03:12 PM FAB, Magnati, PayRow to develop payment solutions for Dubai’s ports sector

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) and its affiliate Magnati are teaming up with PayRow Net through the Ports Customs and Free Zone Corporation (PCFC) to create a digital payment platform to drive Dubai’s shift towards becoming a …

Macroeconomics

2 November 2022 01:46 PM UAE’s FTA suspends eDirham system for tax payment; FAB’s system announced

UAE – Mubasher: The UAE’s Federal Tax Authority (FTA) halted the eDirham system for paying tax on 30 October 2022, according to a press release. The authority pointed out that the eDirham system will be replaced with Magnati, a smart payments …

Macroeconomics

1 November 2022 03:01 PM FABMISR successfully integrates all banking services with Bank Audi Egypt

Cairo – Mubasher: FABMISR, a subsidiary of the First Abu Dhabi Bank (FAB), announced the completion of the integration of Bank Audi Egypt with the successful migration of all banking relationships and services under the FABMISR umbrella. The new …

Mergers and Acquisitions

26 October 2022 00:56 PM FAB logs nearly AED 10.95bn profits to owners in 9M-22

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) achieved a net profit attributable to the shareholders worth AED 10.94 billion in the first nine months (9M) of 2022, up 19% from AED 9.20 billion in 9M-21. FAB’s operating income amounted to AED …

Banking and Finance

13 September 2022 03:43 PM FAB to finance Middle East sustainable projects with $75bn by 2030

Mubasher: First Abu Dhabi Bank (FAB) plans to endorse sustainable development projects across the Middle East with financing worth $75 billion by 2030, Ahram Gate cited Shargiil Bashir, Chief Sustainability Officer at FAB. Bashir pointed out that …

Banking and Finance

28 July 2022 10:02 AM FAB logs 50% higher profit in H1-22

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) reported higher profits by 50% during the first half (H1) of 2022 to AED 8.03 billion, compared to AED 5.35 billion in the same period in 2021. Basic earnings per share (EPS) increased to AED 0.71 …

Financial Results

28 June 2022 02:15 PM DIFC initiates 1st Open Finance Lab in region; listed banks participate

UAE – Mubasher: Dubai International Financial Centre (DIFC) has launched the first Open Finance Lab in the region on Tuesday, 28 June this year, according to a press release. The initiative is a six-month programme in which four banks and a …

Banking and Finance

12 June 2022 11:54 AM FAB completes legal merger of Bank Audi Egypt, launches new brand identity

Mubasher: First Abu Dhabi Bank (FAB) has completed the legal merger with Bank Audi Egypt whose assets will operate under FAB’s newly launched brand identity 'FABMISR'. This step was made after FAB had received all required regulatory approvals, …

Mergers and Acquisitions

28 April 2022 10:58 AM FAB's net profits hike 107% in Q1-22

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) recorded a 107% year-on-year (YoY) surge in its net profits attributable to the shareholders to AED 5.12 billion in the first quarter (Q1) of 2022 from AED 2.47 billion in the corresponding quarter …

Financial Results

19 April 2022 06:56 PM FAB partners with IBM for digital transformation

Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has collaborated with IBM Consulting to enhance the bank’s digital services and transformation plans. Upon the agreement, IBM will provide the bank’s clients with hybrid cloud and application …

Banking and Finance

14 April 2022 10:34 AM FAB withdraws non-binding offer for stake in EGX-listed EFG Hermes

Mubasher: First Abu Dhabi Bank (FAB) has withdrawn its non-binding offer to acquire a majority stake in the Egyptian Exchange (EGX)-listed Egyptian Financial Group Hermes Holding (EFG Hermes). FAB has decided not to proceed with the offer due to …

Companies Investments

10 April 2022 10:32 AM FAB prices CHF 200m green bonds in Swiss Franc market

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) has priced a four-year green bond issuance worth CHF 200 million in the Swiss Franc market. With a coupon of 1.06%, the bonds were issued at SARON +54 basis points (bps), according to a recent press …

Banking and Finance

9 March 2022 03:14 PM FAB's OGM approves 70% dividends for 2021; capital raise

Abu Dhabi - Mubasher: The ordinary general meeting (OGM) of First Abu Dhabi Bank (FAB) has approved a cash dividend distribution, equivalent to 70% of the bank's paid-up capital, for 2021. The cash dividend payout stands at 70 fils per share, …

Banking and Finance

9 March 2022 01:49 PM FAB, ADCB deny news on potential merger

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) have denied the news claiming a potential merger between the two entities. FAB and ADCB confirmed that they have not entered discussions to pursue any merger …

Banking and Finance

23 February 2022 10:34 AM FAB expected to issue $500m Sukuk

Abu Dhabi - Mubasher: First Abu Dhabi Bank (FAB) is forecast to issue $500 million Sukuk at an initial price of around 85 basis points over US treasuries, Reuters reported. The bank has begun taking orders for the Sukuk issuance, as shown by a …

Sukuk and Islamic Finance