First Abu Dhabi Bank (FAB) reported solid operating performance for the first quarter ended 31 March 2019 today, with net profit amounting to AED3.1 bn, up 6 percent sequentially and 4 percent YoY
ABU DHABI, (Pakistan Point News - 29th Apr, 2019) First Abu Dhabi Bank (FAB) reported solid operating performance for the first quarter ended 31 March 2019 today, with net profit amounting to AED3.1 bn, up 6 percent sequentially and 4 percent YoY.
According to a press statement released today by the Bank, annualised earnings per share (EPS) stood at AED1.08, compared to AED1.06 in Q1-2018.
Operating income amounted to at AED 4.9 billion, up 3 percent quarter-on-quarter and 1 percent YoY. Operating expenses reached AED1.3 bn, reflecting cost discipline and synergy realisation.
Commenting on the bank’s performance, Abdulhamid Saeed, Group Chief Executive Officer of FAB, said, "Building on the positive momentum generated last year, FAB achieved a solid performance during the first quarter of 2019 with a record net profit of AED3.1 bn, delivering a unified customer experience through our integrated platform and placing us firmly on track to execute our 2019 strategic agenda. Increasing our foreign ownership limit to 40 percent, which was approved by shareholders in February and implemented this month, was a notable milestone supporting higher liquidity on our shares and attracting further international investment."
"Our performance during the first three months of 2019 has created a robust foundation for sustained growth momentum and we remain optimistic about the remainder of the year. Our successful integration and solid fundamentals have enabled us to improve our profitability, while continuing to prudently manage risk across our portfolios. As we move into the second quarter, the bank will continue to leverage its competitive advantages, while further developing our retail offering and strengthening our market-leading position in corporate and investment banking."
He added: "As the UAE’s largest bank, we are committed to aligning with key government priorities and to supporting local communities to grow stronger, which is exemplified by our involvement in initiatives like the Ghadan 2021 development plan and the Abu Dhabi Social Support Authority programme for low-income Emirati families. Through working with private and public sector organisations, FAB will continue to solidify its status as an engine of growth for the UAE and the region, while continuing to focus on meeting our medium term aspirations.
