RIYADH: Largest bank in the UAE, First Abu Dhabi Bank announced its financial results of the last fiscal year with profits of 12.5 billion dirhams ($3.4 billion).
This figure compares to 10.6 billion dirhams in 2020, representing a 19 percent increase, according to a statement.
The outstanding performance reflects indicators of economic recovery and positive momentum for the bank's core business, the statement revealed.
Moreover, the group’s revenue saw a 17 percent surge thanks to strong trading performance and growth in fee-generating business. This contributed to alleviating the repercussions of low interest rates, the statement said.
Operational costs rose when compared to the corresponding period in 2020. This comes as a result of the persisting investments in digital and strategic initiatives as well as taking into consideration Egypt’s Bank Audi business.
Asset quality maintained adequate rates thanks to the proper management of risks and stimulus measures. These were within the framework of the comprehensive economic support plan tailored for the country’s central bank.
The group also maintained strong levels of liquidity, financing, and capital altogether.
Founded in 2017, FAB provides financial solutions, products, and services through its corporate and investment banking and personal banking franchises.
