Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) reported a 4% year-on-year increase in net profits, reaching AED 12.52 billion during fiscal year 2019 from AED 12.01 billion in 2018, the bank’s full-year financial results for 2019 showed.

As for the fourth quarter of 2019, FAB’s net profits reached AED 3.08 billion, up 5% from AED 2.93 billion in the same period of the prior year, according to a bourse disclosure on Tuesday. 

During 2019, the bank’s basic earnings per share settled at AED 1.10, compared to AED 1.06 in the prior year.

Meanwhile, net interest income fell by 2% to AED 12.77 billion last year from AED 13.03 billion in 2018, while the group’s revenue crossed the AED 20 billion mark, standing at AED 20.2 billion in 2019, up 4% from AED 19.4 billion the year before.

At the same time, total assets of the UAE’s largest bank rose by 10% year-on-year to AED 822 billion at the end of December 2019 from AED 744 billion a year earlier.

Moreover, the board of FAB recommended to pay a cash dividend of AED 8.08 billion or 74 fils per share for fiscal year 2019.

It is noteworthy to mention that in Q3-19, FAB’s net profits increased by 3% to AED 3.11 billion from AED 3.021 billion in the same period in 2018.