First Abu Dhabi Bank achieved a 4% growth in profits for the third quarter of this year to reach 2.5 billion dirhams.
According to Al Bayan newspaper, net profits reached 7.3 billion dirhams during the first nine months of 2020, a decrease of 22% compared to the same period in 2019, This is as a result of the increase in the provisions for impairment, and the decrease in revenues.
which was partially compensated by cost control. Revenue in the third quarter amounted to 4.3 billion dirhams, while it amounted to 13.7 billion dirhams in the first nine months of this year. Operating costs decreased by 7% during the first nine months, and the non-performing loan ratio reached 3.9%, maintaining the levels achieved during the last quarter, while the provision coverage ratio reached 96%.
Total assets reached 955 billion dirhams, an increase of 10%, compared to the last quarter, and customer deposits reached 602 billion dirhams, an increase of 16%, compared to the quarter Last quarter, loans and advances amounted to 389 billion dirhams, an increase of 1%, compared to the previous quarter, the rate of equity in the first tier was 14%, which is higher than the regulatory requirements.
The bank continues its work according to the business continuity and crisis management plan, as approximately 90% of the bank’s employees work in the UAE, and 65% of its international staff are from Homes, with a multi-stage approach, to return to work from the offices.
