Strong cost discipline and operating efficiency
Resilient asset quality underpinned by a conservative risk profile
Strengthened liquidity, funding and capital ratios
9M’20 Key Performance Indicators
Abu Dhabi, 26 October 2020: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, reported its financial results for the nine-month period ended 30 September 2020, today.
Following a resilient first, the bank delivered solid results in the third quarter of 2020, reflecting a rebound in economic activity, a healthy business momentum across Corporate and Investment Banking (CIB) and Personal Banking (PBG), and effective management actions in response to the current environment. Group net profit for the third quarter of 2020 was AED 2.5 Billion, a 4% increase from the second quarter. Net profit for the first nine months of 2020 was AED 7.3 Billion, 22% lower compared to the same period in 2019, mainly due to higher impairment charges and softer revenue, partly mitigated by cost optimisation. The Bank continued to demonstrate balance sheet strength through improved liquidity, funding, and capital ratios. Asset quality remained resilient underpinned by diligent risk management and a conservative risk profile, supported by the relief measures under the UAE Central Bank TESS programme.