Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) witnessed a 22.49% drop in its net profits attributable to the shareholders to AED 2.408 billion during the first quarter (Q1) of 2020, compared to AED 3.106 billion in the same quarter of 2019.

The drop in the net profits is driven by lower revenues due to rate cuts and unprecedented market conditions amid the coronavirus (COVID-19) outbreak, according to the bank's consolidated interim unaudited financials for the period ended 31 March 2020.

The bank's total assets jumped by 14% to AED 835.348 billion in the first three months of 2020 from AED 821.968 billion in the year-ago period.

Meanwhile, the lender's net interest income reached  AED 3.06 billion in the January-March period in 2020, versus AED 3.114 billion in the corresponding period.

The annualised earnings per share (EPS) stood at AED 0.82 in the Q1-2020, compared to AED 1.08 in the same period of the prior year.

Commenting on the lender's performance, the Chairman of FAB, Sheikh Tahnoon bin Zayed Al Nahyan, 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."

The group CEO, André Sayegh, remarked: "In addition to being a major supporter to the private sector in the UAE, we continue to work closely with the UAE Government and other public sector entities in the financial domain to support the economy in all respects." 

Noteworthy to highlight, in 2019, the bank's net profits increased by 4% YoY to AED 12.52 billion from AED 12.01 billion in 2018.