First Abu Dhabi Bank achieved a net profit of 2.4 billion dirhams during the first quarter of 2020.
According to the Emirates News Agency, the bank achieved operating revenues of 4.6 billion dirhams under the exceptional circumstances in the global market.
The bank maintained the strength of both the balance sheet, liquidity and capital ratios, in addition to good indicators of asset quality, thanks to its pioneering position and the expansion of its business scope in a way that supports clients and society as a whole.
Provisions for impairment amounted to 738 million dirhams, which reflects the studied distribution of provisions in light of market challenges, while the rate of expenses to revenues, excluding merger costs, reached 29.1% during the first quarter of 2020.
The total assets amounted to 835 billion dirhams, an increase of 14% compared to the first quarter of 2019, while loans and advances amounted to 382 billion dirhams, an increase of 6% compared to the first quarter of 2019.
Customer deposits reached 497 billion dirhams, an increase of 15% compared to the first quarter of 2019, and current account and savings accounts amounted to 181 billion dirhams, an increase of 12% compared to the first quarter of 2019.
The bank achieved a strong liquidity level and high financing rates, as the liquidity coverage rate reached 110% at the end of March 2020, and the non-performing loan rate reached 3.5%, while the coverage coverage of the allocations was 95%, while the equity rate of the first tier was 12.1%, which is higher than Regulatory requirements.
His Highness Sheikh Tahnoon bin Zayed Al Nahyan, National Security Adviser and Chairman of the First Abu Dhabi Bank, said: “First Abu Dhabi Bank dealt with this stage, which is witnessing unprecedented challenges, with outstanding performance, relying on the strength of both the balance sheet and capital, which strengthened its ability to provide comprehensive support For clients and reduce economic burdens by playing a pivotal role in the economic initiatives launched by the government. The bank was keen to cooperate with the public and private sectors, which resulted in constructive partnerships based on the principle of cooperation and social responsibility to enhance the national economy and provide support in all available ways when necessary.
He added: On my own behalf and on behalf of the bank’s board of directors, I extend my sincere congratulations to His Excellency Abdul Hamid Saeed on the occasion of his appointment as Governor of the Central Bank of the United Arab Emirates, considering that the great experience he has and spanning decades has contributed to the accomplishments and successes achieved by First Gulf Bank previously during He assumed responsibility for his administration, and he continued to pursue the achievements led by the merger between the First Gulf Bank and Abu Dhabi National Bank, which resulted in the largest banking entity in the United Arab Emirates, which is one of the most prominent engines of national economic growth.
His Excellency stated that we are confident of His ability to boost the growth of the banking and economic sector through his new position in ...
