2023-10-19 22:05:15
First Abu Dhabi Bank achieved record performance during the first nine months of this year, as its net profits reached 12.4 billion dirhams, an increase of 58%, compared to the same period last year (before taking into account gains related to Magnati in 2022), while revenues increased by 38% to reach 20.5 billion dirhams, which reflects the bank’s continued success in implementing its ambitious development strategy, while the return on tangible equity rose to 18.3%.
The bank stated in a statement yesterday, in which it announced its quarterly financial results, recording net profits amounting to 4.3 billion dirhams, during the third quarter of 2023, an increase of 46%, which is the highest in the bank’s history so far, and revenues also increased by 27% to Seven billion dirhams.
Hana Al Rostamani, CEO of First Abu Dhabi Bank Group, said: “Enhancing business efficiency led to the group achieving another achievement during the third quarter of this year, represented by net profits reaching 12.4 billion dirhams, an increase of 58% since the beginning of the year, compared to the same period of the year.” In 2022, while operating revenues exceeded 20 billion dirhams.”
She added: “There is no doubt that confirming the bank’s credit rating at (AA-) or its equivalent, and the financial results and strength of liquidity, are a clear indication of the strong financial position of First Abu Dhabi Bank and the continued growth of its business in all departments.”
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