FAB H1 profit hits AED6.1bn

ABU DHABI / WAM

First Abu Dhabi Bank (FAB), the UAE’s largest bank, on Tuesday reported an H1 2018 group net profit of AED6.1 billion, up 10 percent year-on-year; with annualised earnings per share (EPS) standing at AED1.08.
Meanwhile, operating income reached AED9.8 billion in the period between January and June. Cost-to-income ratio (ex-integration costs) at 25.7 percent continues to improve on the back of cost discipline and synergy momentum.
Commenting on the bank’s performance, Abdulhamid Saeed, Group Chief Executive Officer of FAB, said: “I am pleased to report that FAB has built on the positive momentum generated at the start of the year to deliver another strong set of results in the second quarter of 2018. Our group net profit, which has grown consistently since Q2 2017, stood at AED3.1 billion for the quarter, increasing by 19% over the same period last year and leading to record half year profits above the AED6 billion mark.”
“The group’s excellent performance was achieved on the back of healthy asset growth, and significantly lower risk and operating costs, as we continued to capitalise on solid asset quality and provision buffers, as well as substantial synergies realised from the merger.”
Saeed added, “In light of a strong first half and as we enter the final stretch of our integration journey, FAB is firmly on track to deliver another record performance for 2018.”
“Despite persistent challenges, the economic outlook over the medium-term remains positive, under- pinned by continuous reforms and initiatives to drive growth.”