DUBAI: First Abu Dhabi Bank, the UAE’s biggest bank by assets, on Wednesday reported a lower second-quarter net income on what it said was a slower business momentum.
On a pro-forma basis, net profit was recorded at Dh2.56 billion (SR2.61 billion), 4 percent lower from Dh2.68 billion during the same period last year. This is the first combined results of Abu Dhabi’s two biggest banks, First Gulf Bank and National Bank of Abu Dhabi, after they merged in April.
An analyst at the Egyptian investment bank EFG-Hermes had projected a profit of Dh2.57 billion for the combined bank.
Net interest income dropped fell percent in the three months ended June to Dh3.17 billion versus Dh3.35 billion during the same period last year.
First-half net profit meanwhile improved 4 percent year-on-year to Dh5.49 billion from Dh5.28 billion in 2016.
“FAB’s performance in the first half of 2017 demonstrates the Group’s resilience during a period marked by softer economic conditions,” said Abdulhamid Saeed, the bank’s chief executive.
“We ended the period with a strong balance sheet, an industry leading cost-to-income ratio, as well as a robust liquidity profile and capital position — meaning we are well-placed to meet the evolving regulatory landscape.”
Saeed likewise reported progress in the integration of the two bank’s IT systems as well as the completion of the organizational structure across the group.
“I am pleased with the progress and execution of our integration plan at this early stage in our transformation journey,” Saeed said.
“The consolidation of our businesses and operations, and the ongoing realization of synergies are strong testaments to the benefits of this merger as we continue to create value for customers, employees, shareholders and communities, and empower them to grow stronger through differentiation, agility and innovation.”
First Abu Dhabi Bank profit 4% lower in the second quarter
First Abu Dhabi Bank profit 4% lower in the second quarter
Savvy Games, NEOM team up to boost Saudi gaming startups
NEOM: Saudi Arabia's Savvy Games Group and NEOM have signed a memorandum of understanding to support the Kingdom's gaming startups throughout their journey from incubation to acceleration.
The partnership aims to strengthen the nation’s end-to-end gaming ecosystem and advance the objectives of the National Gaming and Esports Strategy under Saudi Vision 2030.
The agreement formalizes a coordinated approach between Savvy’s Nine66 Incubator Program and NEOM’s “Level Up” Accelerator, ensuring that startups graduating from Savvy’s Incubator have the training, resources and support required to progress efficiently into NEOM’s Accelerator.
This Savvy-NEOM collaboration builds upon the rapid evolution of both programs and shall ultimately support a stronger pipeline of investable gaming studios.
Savvy’s Nine66 Incubator Program has helped early-stage studios validate prototypes, build foundational capabilities, and prepare for investor engagement.
Through this initiative, Savvy aims to help startups achieve readiness to move into the subsequent stages of development and scaling.
NEOM’s Level Up Accelerator provides funding and mentorship to scale incubated studios into self-sustaining businesses. Since 2023, it has grown into a multiphase platform supporting more than 45 Saudi startups, deploying 15 investments, and achieving a 100 percent survival rate within its portfolio — outperforming many global benchmarks.
With 17 international partners offering publishing and support, Level Up has enabled more than 170 jobs and facilitated a historic milestone: the Kingdom’s first international publishing deal for a domestic gaming start-up, signed between Fahy Studio and UK-based publisher Kwalee.
Chief of Staff at Savvy Games Group Amr Sager said: “As the games industry continues to grow at a rapid pace in Saudi Arabia, there is an increasing number of programs and initiatives designed to help emerging studios and entrepreneurs to build, run, and scale their businesses.”
Sager added that this momentum is encouraging, and the next step would be to create stronger synergy and alignment across these efforts, so that the journey is smoother and clearer for startups to identify and source the support they need.
