First Abu Dhabi Bank reported a 24% decline in first-half profit for the first six months of 2020, to reach AED 4.8 billion, compared to AED 6.3 billion in the first half of 2019.

According to the Emirates News Agency, the bank achieved a net profit of 2.4 billion dirhams in the second quarter of the current year 2020, which is the same rate recorded by the group during the first quarter, where it was compensated High costs of impairment with revenue growth and cost management initiatives.

The bank attributed the decline in second-half profit to the increase in provisions for impairment, lower revenue and cost.

The bank strengthened the balance sheet, liquidity, and capital ratios during this period, and witnessed good indicators of asset quality, while the bank also continued to benefit from its leading position and expand its business scope to provide support to customers.

Within the framework of the comprehensive economic support plan launched by the Central Bank of the United Arab Emirates, and the support programs and initiatives of the bank.

Operating profits recorded an increase of 11%, and the value of the return on the annual basic share amounted to 0.84 dirhams, compared to 1.12 dirhams during the same period in 2019, while the value of revenue Operating costs amounted to 9.4 billion dirhams during the first half, compared to 10.1 billion dirhams during the first half of 2019, while the value of operating costs amounted to 2.6 billion dirhams, a decrease of 3% compared to the same period in 2019.

The rate of expenses to revenues excluding merger costs was 27.3% compared to 26.1% during the first half of 2019, and the rate of expenses to revenue increased by 25.5% in the quarter The second part of 2020, compared to 29.1% compared to the first quarter of 2020.

The bank maintained strong liquidity, capital ratios, and asset quality, with total assets reaching 866 billion dirhams, an increase of 12% compared to the second quarter of 2019, so loans and advances 385 billion dirhams, an increase of 5% compared to the second quarter of 2019, and 1% since the end of March 2020.

Customer deposits reached 519 billion dirhams, an increase of 12% compared to the second quarter of 2019, and 4% since the end of March 2020, and current account deposits and savings accounts were recorded Record levels reached 196 billion dirhams, while the bank achieved a strong liquidity level and high financing rates, as the liquidity coverage rate reached 129%, while the non-performing loan rate reached 3.9%, and the provision coverage ratio reached 91%, and the equity rate of the first part reached 13.6%, while The first notch rate and the head adequacy ratio
remain The money is higher than Basel 3's requirements, which are 15.2% and 16.4%, respectively.

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