FAB’s liquidity amounts to AED134.4bn

ABU DHABI / WAM

First Abu Dhabi bank’s liquidity surged to AED 134.4 billion during the Q1 2017 from AED130 billion by the end of 2016 as per the financial statements released by the new banking entity created after the merger of the National Bank of Abu Dhabi and First Gulf Bank.
The considerable cash level reflects the high creditworthiness of the new bank not only on the local level but in the entire Middle East region, according to financial analysts who have affirmed in statements to WAM that the bank’s resilience is likely to enable it to tap new investment opportunities outside the country.
The new merger is yet a new catalyst to foreign institutional investments, a fact that has been proven by increased transactions over NBAD’s share to AED1.3 billion since the launch of the merger on 2nd April.
NBAD closed 8 percent high at the end of April’s transactions, with its market value ratcheting up to AED120.4 billion. First Abu Dhabi Bank, the new entity created by the merger of National Bank of Abu Dhabi and First Gulf Bank, launched on Monday its new brand identity, including a new logo and slogan, inspired by the deeply-rooted stature of Abu Dhabi and time-honoured traditions of the two organisations, and reflecting UAE’s ambitious vision for the future.

Emirates Investment Bank profit triples to AED16.57 million 

DUBAI / WAM

Emirates Investment Bank announced that its Q1 2017 net profit tripled to AED16.57 million, comparing to AED4.88 million in Q1 2016. The bank also said Q1 2017 operating income doubled to AED47.87 million, instead of AED23.56 million in Q1 2016, meanwhile, total assets under the bank’s management decreased 12.8% over FY 2016 to AED10.14 billion from AED 11.63 billion by 31st December, 2016.
Commenting on the results, Khaled Sifri, CEO of Emirates Investment Bank, said, “Emirates Investment Bank has had a very strong start to 2017, with the bank achieving significant growth in net profit on the same period last year.”