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FAB unveils AED 3.92bn net profits in Q1-23

FAB unveils AED 3.92bn net profits in Q1-23
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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) retreated to AED 0.34 in Q1-23 from AED 0.45, according to the unaudited income statements.

FAB’s operating income amounted to AED 6.73 billion as of 31 March 2023, higher by 51% year-on-year (YoY) than AED 4.45 billion.

The total assets widened by 21% YoY to AED 1.18 trillion in Q1-23 from AED 982 billion, while the clients’ deposits jumped by 30% YoY to AED 780.51 billion from AED 600 billion.

On a quarterly basis, the Q1-23 net profits surged by 60% from AED 2.46 billion in Q4-22, while the operating income increased by 14% from AED 5.91 billion.

Hana Al Rostamani, Group CEO of FAB, said: “2023 is off to a strong start with the Group delivering an operating income of AED 6.73 billion, a 60% growth in net profit sequentially to AED 3.92 billion and a return on tangible equity of 18.50% driving strong capital accretion in the first quarter.”

Al Rostamani noted: “Building on a record year in 2022 and prudent actions taken in Q4-22, the notable improvement across these metrics was driven by sustained momentum across all business segments and product lines, cost and risk discipline, and our proven ability to navigate evolving market conditions.”

In the January-December 2022 period, the UAE lender posted 7% higher net profits to the owners at AED 13.41 billion, compared to AED 12.53 billion in 2021.