Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) reported AED 10.6 billion in net profits during the fiscal year (FY) ended on 31 December 2020, down from AED 12.5 billion a year earlier.
The drop in FAB's annual profit reflects the exceptional market conditions wrought by the Covid-19 pandemic, which led to low interest rates and economic slowdown, according to a press release.
Revenue for 2020 declined by 8% on a yearly basis to reach AED 18.6 billion. In the fourth quarter (Q4) of 2020, the lender’s net earnings amounted to AED 3.2 billion, an annual increase of 5%.
Moreover, the bank’s board recommended distributing cash dividends of AED 0.74 per share to shareholders for FY20.