First Abu Dhabi Bank
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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 2018 today.
Solid results in last quarter underpin robust nine-month performance
High quality balance sheet and capital strength provide firm foundation for future growth
Industry-leading asset quality metrics, operating efficiency and improved profitability
Continued progress on our integration journey, and on delivering Group strategy
Commenting on the bank’s performance, Abdulhamid Saeed, Group Chief Executive Officer of FAB, said:
“FAB’s performance in the first nine months of 2018 demonstrates the fundamental strength of the bank, as we grew our franchise and cemented our position as the UAE’s largest listed company by market capitalisation. During this period, we continued to realise our business objectives, set goals and deliver key milestones on our integration journey while maintaining a strong balance sheet with healthy liquidity, asset quality and capital ratios, thereby laying solid foundations for future growth. Alongside our strong financial results, we are equally proud of our wider achievements, including being recognised by The Banker as the region’s ‘Most Innovative Investment Bank’ for the third year running and as the ‘Safest Bank in Middle East’ for the second consecutive year by Global Finance.”
He added: “FAB continues to play an important role in advancing the economic goals of the country and in support of Abu Dhabi’s economic growth plans. We are committed to be a key delivery partner for the Ghadan 2021 development accelerator programme, which will enhance Abu Dhabi’s competitiveness in four key areas: business and investment, society, knowledge and innovation, and lifestyle. Furthermore, with our presence across five continents, we are well positioned to drive economic growth and innovation by facilitating business relationships across geographies.”
“Our business expansion strategy continues to show promise as the bank manoeuvers to take advantage of growth opportunities abroad. In Saudi Arabia, we have completed our first debt capital markets transaction though our Investment Banking franchise and we will be launching our commercial banking activities during the current quarter. In addition, we continue to grow our personal and corporate banking offerings in Egypt. We are confident that our expansion plans will enhance our regional presence and provide an important contribution to the Group and region for years to come.”