UAE's biggest bank FAB records a robust Dh9.2b net profit for first nine months of 2021
FAB confirms all-round gains from core businesses and 'strategic initiatives'
Dubai: The biggest bank In the UAE, Abu Dhabi's FAB, recorded a sharp 26 per cent Increase In nine-month net profits to an impressive Dh9.2 billion. This was built on Improved returns from core businesses as well as outcomes from 'strategic Initiatives to enhance returns'. This includes a 'record' third-quarter net profit of Dh3.9 billion.
The investment banking activities propelled the growth numbers, while FAB was also the "top custodian in the UAE by value of assets". Another big win was being the sole lead receiving bank for the successful share float ADNOC Drilling, one of a series of high-profile IPOs In the emirate.
"Other areas of strategic focus are progressing well, as we continue to build specialised capabilities within our core businesses to support future growth, while accelerating transformation," said Hana Al Rostamani, Group CEO. "New product propositions are being rolled out in key areas, capitalising on partnerships and technology to deliver superior solutions and service. We also continue to make progress against our international strategy.
"The integration of our operations in Egypt is on track to be completed during 2022, and we have recently received regulatory approval to establish our first branch in Shanghai, which will further expand our strategic footprint in Asia, enabling us to offer enhanced connectivity for our clients."
Q3-21 number hits a record
During the July-September phase, FAB turned In a 'record' Dh3.9 billion net profit, which works out to a 34 per cent Increase quarter-on-quarter and 54 per cent year-on-year. "Our investment banking business was a major contributor to the Group's earnings growth, on the back of an exceptional trading performance, and sustained activity across a number of areas including debt capital markets, trade finance, advisory, and equity capital markets," said the CFO, James Burdett, In a statement.
"We are also seeing positive underlying trends in our corporate and commercial, consumer, and private banking businesses, with corporate and consumer confidence strengthening during the period."