Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) achieved net profits amounting to AED 12.41 billion in the first nine months (9M) of 2023, an annual hike of 58% from AED 10.95 billion.

The recorded net profits exclude Magnati-related gains in 2022, according to a press release that showed the bank's financial statements.

Revenues increased by 38% to AED 20.53 billion as of 30 September 2023 from AED 14.92 billion a year earlier, while the basic and diluted earnings per share (EPS) went up to AED 1.07 from AED 0.96.

Total Assets widened to AED 1.18 trillion in 9M-23 from AED 1.11 trillion as of 31 December 2022, whereas the customer accounts and other deposits grew to AED 785.19 billion from AED 700.57 billion.

Financial Statements for Q3-23

In the third quarter (Q3) of 2023, the bank’s net profits enlarged by 46% year-on-year (YoY) to AED 4.26 billion, marking the highest ever on an underlying basis.

Revenues climbed by 27% to AED 6.97 billion in Q3-23 from AED 5.49 billion in Q3-22, while the basic and diluted EPS went up to AED 0.36 from AED 0.25.

Hana Al Rostamani, Group CEO of FAB, commented: “As a leading voice in the regional financial sector relating to sustainability, we are fully aligned with the ambitions of Abu Dhabi and the UAE to deliver a sustainable future for all. This is underscored in our strategic pathway partnership with COP28 as well as in our commitment to net-zero emissions by 2050”

“As the markets strengthen their trade flows and form broader economic partnerships across the globe, FAB’s international franchise ensures that we continue to play our unique role as a facilitator of global trade and investment”.

Lars Kramer, Group Chief Financial Officer at FAB, said: “FAB produced another strong set of results in Q3-23, delivering double-digit growth in revenue and bottom line and building on the core growth momentum achieved since the start of the year."

"In addition to that, FAB aims to facilitate $75 billion of sustainable finance projects by 2030 and has already funded more than $18 billion in 9M-23 and $27 billion to date from the 2022 baseline," Kramer added. 

"Green finance and sustainable finance are growth markets, and the upcoming COP28 forum will showcase our leadership in this area and accelerate our reach and capacity."

During 6M-23, FAB witnessed its highest-ever net profits in a half-year period at AED 8.15 billion.