First Abu Dhabi Bank (FAB), the UAE’s largest bank – and one of the safest financial institutions in the world — reported a net profit of $1.6bn for the first six months of 2018 – which was up 10 percent year-on-year. The bank also announced that the second quarter net profit had risen 19% to $843 bn – while cost-to-income ratio had continued to improve at 25.7% — on the back of cost discipline.
Abdulhamid Saeed, Group CEO of FAB, stated: “I am pleased to report that FAB has built on the positive momentum generated at the start of the year to deliver another strong set of results in the second quarter of 2018.” He credited the excellent performance on the back of healthy asset growth, significantly lower risk and operating costs, solid asset quality, provision buffers – and substantial synergies realized from the merger.
“In light of a strong first half and as we enter the final stretch of our integration journey, FAB is firmly on track to deliver another record performance for 2018. Despite persistent challenges, the economic outlook over the medium-term remains positive, underpinned by continuous reforms and initiatives to drive growth.” he added.
FAB is the result of a merger between the National Bank of Abu Dhabi and First Gulf Bank.