FAB records AED3.1b profit in first quarter

ABU DHABI / WAM

First Abu Dhabi Bank (FAB) reported solid operating performance for the first quarter that ended on March 31, on Monday, with net profit amounting to AED3.1 billion, up 6 percent
sequentially and 4 percent YoY.
According to a press statement released by the bank, annualised earnings per share (EPS) stood at AED1.08, compared to AED1.06 in Q1-2018.
Operating income amounted to at AED 4.9 billion, up 3 percent quarter-on-quarter and 1 percent YoY. Operating expenses reached AED1.3 billion, reflecting cost discipline and synergy realisation.
Abdulhamid Saeed, Group Chief Executive Officer of FAB, said, “Building on the positive momentum generated last year, FAB achieved a solid performance during the first quarter of 2019 with a record net profit of AED3.1 billion, delivering a unified customer experience through our integrated platform and placing us firmly on track to execute our 2019 strategic agenda. Increasing our foreign ownership limit to 40 percent, which was approved by shareholders in February and implemented this month, was a notable milestone supporting higher liquidity on our shares and attracting further international investment.”
He added: “As the UAE’s largest bank, we are committed to aligning with key government priorities and to supporting local communities to grow stronger, which is exemplified by our involvement in initiatives like the Ghadan 2021 development plan and the Abu Dhabi Social Support Authority programme for low-income Emirati families. Through wor-king with private and public sector organisations, FAB will continue to solidify its status as an engine of growth for the UAE and the region, while continuing to focus on meeting our medium term aspirations.”