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FAB’s net profits rise 26% in 9M

FAB’s net profits rise 26% in 9M
The bank’s net interest income decreased by 6% to AED 8.62 billion
FAB
NBAD
-0.59% 13.40 -0.08

Abu Dhabi - Mubasher: The net profits attributable to the shareholders of First Abu Dhabi Bank (FAB) jumped by 26% to AED 9.21 billion during the first nine months of 2021, compared to AED 7.325 billion in the year-ago period, as shown by the bank’s consolidated interim financials for the nine-month period ended 30 September 2021. 

The bank’s net interest income decreased by 6% to AED 8.62 billion in the January-September period of 2021 from AED 9.177 billion in the year-ago period. 

The bank’s assets amounted to AED 982.83 billion as of 30 September 2021, up from AED 919.06 billion as of 31 December 2020. 

The basic and diluted earnings per share (EPS) settled at AED 0.82 each in this year’s first nine months, compared to AED 0.63 in the year-ago period. 

During the third quarter (Q3) of 2021, the bank’s net profits rose to AED 3.853 billion from AED 2.5 billion in the same quarter of 2020. 

The Group CEO, Hana Al Rostamani, said: “With the UAE at the forefront of the post-pandemic recovery and as we enter the final quarter of 2021, I am optimistic about the opportunities that lie ahead, not only for us as a bank, but also as an engine to the Nation's ambitious vision for the next 50 years and beyond.” 

Meanwhile, the Group Chief Financial Officer, James Burdett, commented: “Our Investment Banking business was a major contributor to the Group's earnings growth, on the back of an exceptional trading performance, and sustained activity across a number of areas including Debt Capital Markets, Trade Finance, Advisory, and Equity Capital Markets.” 

It is noteworthy to mention that during the first nine months of 2021, FAB’s net profits increased to AED 5.353 billion, up 11% from AED 4.819 billion in the same half of 2020.