FAB reports record half year 2019 Net Profit of AED 6.3 Billion
Second quarter 2019 net profit of AED 3.2 Billion, up 5% year-on-year
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 today for the first half ended 30 June 2019.
Delivering a solid financial performance in the first half of 2019
- Record half year net profit of AED 6.3 Billion, up 4% year-on-year, driven by revenue growth, coupled with continued cost control and prudent risk management
- Second quarter net profit of AED 3.2 Billion, up 4% sequentially and 5% year-on-year
- Annualised Earnings per Share (EPS) at AED1.12, compared to AED 1.08 in the first half of 2018
- Half year Group Revenue up 3% year-on-year, crosses the AED 10 Billion mark
- Operating costs broadly flat year-on-year despite increased investments in digital and strategic initiatives; cost-to-income ratio (ex-integration costs) of 26.1% remains at industry-leading level
- Healthy asset quality with Non-Performing Loan ratio at 3.1% and provision coverage of 111%
Business momentum continues, underpinned by a strong liquidity position, robust capitalisation
- Loans and advances at AED 366 Billion, up 6% year-on-year
- Customer deposits at AED 462 Billion, up 7% year-on-year
- Strong liquidity position with June-end 2019 Liquidity Coverage Ratio (LCR) at 137%, and over AED 12 Billion of term funding raised in the first half of 2019 at a competitive pricing
- Strong capital generation with Basel III Common Equity Tier-1 (CET1) ratio of 13.6%