Dubai: First Abu Dhabi Bank (FAB) reported on Wednesday Dh5.49 billion in net profit for the first half of 2017, marking a 4 per cent increase year-on-year.
In the second quarter alone, the bank recorded a net profit of Dh2.56 billion, down 4 per cent over the Dh2.68 billion recorded in the second quarter of 2016.
The results are the first the bank has reported since it was created through the merger of the National Bank of Abu Dhabi and First Gulf Bank in April. The year-on-year increase is in comparison to the results of both banks in the same period last year.
FAB’s revenues in the first half of 2017 were nearly flat year-on-year, reaching Dh9.85 billion compared to Dh9.73 billion in the same half of 2016. Revenues for the second quarter alone were Dh4.6 billion, down 6 per cent over the Dh4.9 billion recorded in the second quarter of last year.
In a statement, the bank provided an update on the integration post the merger, saying that it has completed the organizational structure across group. FAB also said it has achieved good progress towards consolidating businesses and integrating technology systems.
The bank said it will roll out its new brand across branches and digital touch-points throughout the second half of the year.
