UAE's biggest bank FAB crosses Dh10b in profit for first 9 months of 2022

Overall income for the first nine months weighed in at the Dh18 billion mark, and that's up 13 per cent year-on-year. This was also boosted by the one-off Dh3.1 billion net gain from the stake sale in the payments processing entity Magnati.

“The increasingly challenging global backdrop calls for caution, with recessionary risks looming over several economies,” said Hana Al Rostamani, Group CEO. 

As we navigate these headwinds, we are nevertheless confident in the resilience of this region, and we remain very well placed to deliver market-leading shareholder returns while being an engine for the region’s economic growth and diversification.

- Hana Al Rostamani

The FAB numbers were driven by:

• Loans, advances and Islamic financing at Dh465 billion, up 2 per cent sequentially and 14 per cent year-to-date;

• Customer deposits at Dh746 Billion, up 15 per cent sequentially and 21 per cent year-to-date with CASA balances increasing further to Dh300 billion ( up 3 per cent quarter-on-quarter and 4 per cent ytd);

• Impairment charges were at Dh1.7 billion, 11 per cent lower y-o-y, which implies an annualised cost of risk at 52 basis points and improving from 65 bps in the prior period;

"Our robust balance-sheet fundamentals are enabling us to pursue our growth and transformation journey both regionally and in the UAE," said Hana. "In Egypt, we have completed our integration activities which will enable us to unlock new opportunities for our growing base in one of our priority markets.

"Looking ahead, the increasingly challenging global backdrop calls for caution, with recessionary risks looming over several economies."