First Abu Dhabi Bank, the UAE's largest lender by assets, reported a 3 per cent rise in net profit on the back of lower impairment charges and a broader economic recovery.
Net profit for the period ending March 31 rose to Dh2.5 billion ($680.6 million), the lender said in a statement to Abu Dhabi Securities Exchange, where its shares trade.
Total operating income was 4 per cent lower year-on-year at Dh4.4bn, as net interest income declined by 13 per cent to Dh2.7bn due to the lower interest rate environment. This was partially offset by higher non-interest income, which climbed 15 per cent to Dh1.7bn.
Net impairment charges during the period fell 36 per cent, indicating improving economic conditions and adequate provision buffers.
"FAB's strong foundations and competitive strengths continue to support the bank's ability to achieve a resilient performance in a challenging quarter characterised by a slower than expected recovery in business activity," said Hana Al Rostamani, group chief executive of FAB.
Banks across the Middle East are reporting improved performance due to lower impairments as the economic outlook improves on the back of an accelerated vaccine roll out.
Emirates NBD, Dubai's biggest lender by assets, said on Tuesday its first-quarter profit rebounded 12 per cent owing to lower impairment losses and operating expenses amid a broader economic recovery in its home market. Al Rajhi Bank, Saudi Arabia’s second-largest lender by assets, reported a 40 per cent increase in first-quarter net profit on Wednesday.
FAB's total assets grew 13 per cent year-on-year to Dh941bn, the lender said.
Customer deposits grew 14 per cent to Dh568bn, while loans and advances were down 1 per cent year-on-year, according to the bank.
FAB, formed through the merger of National Bank of Abu Dhabi and First Gulf Bank in 2017, is at the forefront of Abu Dhabi’s economic development efforts. It is also expanding regionally.
On Wednesday, the lender said it received approval from regulators to transfer the shares of Bank Audi Egypt, which it agreed to acquire in January. Following the share transfer, it will begin integrating Bank Audi into its existing Egyptian operations.
The consolidation of Bank Audi Egypt into FAB's Egypt operations will make it one of the biggest foreign banks in the Arab world's most populous nation, the lender said.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Poacher
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UAE currency: the story behind the money in your pockets
OPTA'S PREDICTED TABLE
1. Liverpool 101 points
2. Manchester City 80
3. Leicester 67
4. Chelsea 63
5. Manchester United 61
6. Tottenham 58
7. Wolves 56
8. Arsenal 56
9. Sheffield United 55
10. Everton 50
11. Burnley 49
12. Crystal Palace 49
13. Newcastle 46
14. Southampton 44
15. West Ham 39
16. Brighton 37
17. Watford 36
18. Bournemouth 36
19. Aston Villa 32
20. Norwich City 29
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
UAE currency: the story behind the money in your pockets
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KILLING OF QASSEM SULEIMANI
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COMPANY%20PROFILE
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Killing of Qassem Suleimani
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