Third quarter 2020 group net profit of AED 2.5 billion, up 4% quarter-on-quarter
Nine months 2020 net profit at AED 7.3 Billion
Solid performance in the third quarter
- Q3’20 revenue of AED 4.3 Billion
- 9M’20 revenue of AED 13.7 Billion
Strong cost discipline and operating efficiency
- 9M’20 operating costs down 7% year-on-year
Resilient asset quality underpinned by a conservative risk profile
- NPL ratio at 3.9%, stable quarter-on-quarter
- Provision coverage at 96%
Strengthened liquidity, funding and capital ratios
- Total assets at AED 955 Billion, up 10% quarter-on-quarter
- Customer deposits at AED 602 Billion, up 16% quarter-on-quarter
- Loans and advances at AED 389 Billion, up 1% quarter-on-quarter
- CET1 ratio stands strong 14.0%, comfortably above regulatory requirements
9M’20 Key Performance Indicators
- Earnings Per Share (EPS) : 85 fils (Annualised)
- Return on Tangible Equity (RoTE) : 12.4%
- Cost-to-Income Ratio : 27.5% (Ex-integration costs)
- CET1 Ratio : 14.0%
- Liquidity Coverage Ratio : 155%
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.