Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) generated 3% higher net profits after tax at AED 8.40 billion during the first half (H1) of 2024, compared to AED 8.14 billion in H1-23.

Operating income climbed by 16% year-on-year (YoY) to AED 15.72 billion in H1-24 from AED 13.56 billion, according to the consolidated financial results.

Basic earnings per share (EPS) grew to AED 0.73 in the first six months (6M) of 2024 from AED 0.71 in H1-23.

Total assets grew 2% YoY to AED 1.20 trillion as of 30 June 2024, driven by solid volume growth across sectors and geographies. The customer deposits increased by 3% YoY to AED 766 billion from diversified sources.

Financials for Q2

In the second quarter (Q2) of 2024, FAB logged net profits valued at AED 4.25 billion, marking an annual rise of 1% from AED 4.21 billion.

Basic EPS remained unchanged at AED 0.38 in Q2-24, while the operating income hiked by 14% to AED 7.75 billion from AED 6.83 billion in Q2-23.

Hana Al Rostamani, Group CEO of FAB, commented: “Our outlook remains anchored in the strong fundamentals of the UAE and Abu Dhabi as a global economic powerhouse and preferred hub for investment, talent, and innovation.”

Lars Kramer, Group Chief Financial Officer of FAB, said: “Private Banking and Corporate & Commercial Banking continued to accelerate client acquisitions and client activity, with the former reporting 25% growth in assets under management.” 

“The group’s international revenue was up 30% YoY while operating income growth in the UAE also remained strong at +13% YoY,” Kramer added.

Quarterly, the Q4-24 net profits grew by 3% from AED 4.15 billion in Q1-24, while operating income dropped by 3% from AED 7.97 billion.

FAB recently partnered with Visa to widen the Visa B2B Connect network in the region.