FAB reports record first quarter 2019 Net Profit of AED 3.1 Billion
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 first quarter ended 31 March 2019 today.
Solid operating performance
- Record net profit of AED 3.1 Billion, up 6% sequentially and 4% year-on-year
- Annualised Earnings per Share (EPS) at AED 1.08, compared to AED 1.06 in the first quarter of 2018
- Operating income at AED 4.9 Billion, up 3% quarter-on-quarter and 1% year-on-year
- Operating expenses at AED 1.3 Billion, reflecting cost discipline and synergy realisation
- Cost-to-income ratio (ex-integration costs) at an industry-leading level of 26.1%
Healthy business momentum supported by a strong liquidity profile
- Total assets at AED 733 Billion, up 8% year-on-year
- Loans and advances at AED 359 Billion, up 6% year-on-year
- Customer deposits at AED 433 Billion, up 7% year-on-year
- Strong liquidity position with Liquidity Coverage Ratio (LCR) at 117%
A robust foundation set up for growth
- Healthy asset quality metrics with Non-Performing Loan ratio at 3.3% and adequate provision coverage at 106%
- Solid capital position, following a record dividend pay-out, with fully phased-in Basel III Common Equity Tier-1 (CET1) ratio and total Capital Adequacy Ratio (CAR) improving to 12.7% and 16.0% respectively