Media ININ Economy We Trust
Media IN Abu Dhabi 17th-07-2019
First Abu Dhabi Bank (FAB) achieved an increase of 4% in net profits to AED 3.2 billion during the second quarter of 2019 compared to the same period a year ago.
During the first half of 2019, FAB also recorded a year-on-year growth of 4% in net profits to AED 6.3 billion, the bank said in a press release on Wednesday, ascribing this increase in H1-19 to higher revenues as well as managing risks efficiently.
The earnings per share (EPS) stood at AED 1.12 in H1-19, compared to AED 1.08 in H1-18.
In addition, FAB’s operating revenues rose by 3% to exceed AED 10 billion in the first six months of 2019 when compared to the same period a year ago.
“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,” FAB pinpointed.
The bank, listed on the Abu Dhabi Securities Exchange (ADX), added that the profits were backed by a healthy asset quality with Non-Performing Loan (NPL) ratio at 3.1%, in addition to a provision coverage of 111%.
