The financial statements of the First Abu Dhabi Bank Group revealed that the bank’s profits in the third quarter of this year increased by 12% on a quarterly basis, to reach 2.9 billion dirhams, excluding the gains that were recorded during the second quarter due to the sale of a stake in the Magnati Payments Company.
The operational revenues of First Abu Dhabi Bank at the end of the third quarter of this year amounted to about 5.5 billion dirhams, an increase of 10% compared to the second quarter of the same year, as a result of the increase in interest and non-interest income.
According to a statement by the First Abu Dhabi Bank, today, Wednesday, the provisions for impairment at the end of the third quarter of this year amounted to 694 million dirhams, a decrease of 13% compared to the same period in 2021, and an increase of 19% compared to the immediate previous quarter, while maintaining rates High to cover bad loans. While operating costs amounted to 1.6 billion dirhams, an increase of 1% compared to the previous quarter, and an increase of 1% compared to the same period of the previous year.
The First Abu Dhabi Bank achieved a net profit of 10.9 billion dirhams in the first nine months of this year, an increase of 19% over the corresponding period last year, and the basic earnings per share at the end of the period amounted to 1.29 dirhams.
The total revenues of First Abu Dhabi Bank amounted to 18 billion dirhams during the first nine months of this year, an increase of 13% on an annual basis, as a result of the increase in net interest income during the comparison periods by 18%.
Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “The results achieved by the bank during the first nine months of 2022 reflect the remarkable progress made by our strategy to enhance the pace of growth for our various businesses, and confirm the strength and resilience of the region’s economies and their ability to overcome increasing global challenges.”
The CEO of First Abu Dhabi Bank added: “The bank maintained a strong balance sheet, which enabled us to continue focusing on the growth and development of our business for the better in the UAE and the region. In Egypt, the bank has completed the merger process, which will enable us to provide new business opportunities to the growing base of clients in this market, which is an important priority in the group's business strategy.
Al Rostamani continued: First Abu Dhabi Bank continues to consolidate its position at the forefront of the safest banks in the Middle East, and is also ranked as the 14th safest commercial bank in the world. This prestigious rating is a clear evidence of our long-term commitment to the highest standards of security and stability.
