Media ININ Economy We Trust
Media In – Abu Dhabi January 29, 2018 WAM
Abu Dhabi First Bank posted a net profit of AED 10.92 billion in 2017, while the Group’s adjusted net profit excluding the merger and intangible assets of AED 336 million in the fourth quarter of 2017 increased by 18% compared to the third quarter of the same year, 6% compared to the fourth quarter of 2016 according to the results for the year ended 31 December 2017.
Earnings per share were AED 0.96, compared to AED 1.0 in 2016, while revenues for the fourth quarter of 2017 increased by 10% due to business momentum and AED 19.53 billion revenue in 2017.
The total cost savings were AED 500 million during the first year of consolidation. The cost of the merger was managed accurately and tightly. Net loans and advances amounted to AED 330.5 billion, an increase of 1% compared to the end of the third quarter of 2017. Customer deposits amounted to AED 395.8 billion An increase of 4% compared to the end of the third quarter of 2017 compared to the end of the last quarter of 2016.
