12.9 billion dirhams, net profits of “First Abu Dhabi” within 9 months

First Abu Dhabi Bank’s revenues rose to 23.9 billion dirhams, an increase of 16% during the first nine months of 2024, compared to the same period last year, while net profits before tax reached 15.3 billion dirhams, an increase of 15%.

The bank said in a statement today that net profits amounted to 12.9 billion dirhams during the first nine months of 2024, a growth of 4%, while the third quarter recorded profits worth 4.5 billion dirhams, a growth of 5% compared to the same period last year, and the total amounted to Assets reached 1.2 trillion dirhams, an increase of 5% since the beginning of the year, loans and advances reached 528 billion dirhams, and deposits reached 820 billion dirhams, an increase of 8% compared to the same period last year.

The group maintained the quality of assets, as the percentage of non-performing loans reached 3.8%, with the liquidity coverage ratio reaching 140%.

The bank recorded strong performance at the level of operational operations, as a result of continuous investments in the best competencies and the latest technologies, which was reflected in the cost-to-revenue ratio reaching 24.3%.

The bank’s international network revenues witnessed a growth of 33% during the first nine months of the current year, contributing 26% of the group’s total assets. The return on tangible equity reached 17.1% during the first nine months of the current year, in line with First Abu Dhabi Bank’s goals to achieve a rate of 16% or more during the fiscal year 2024 and in the medium term.

Hanaa Al Rostamani, CEO of First Abu Dhabi Bank Group, said that the bank continued to achieve growth in net profits for the third quarter in a row, supported by a tangible increase in revenues compared to the same period last year, which reflects its strategy based on putting customers at the forefront of priorities and its role in achieving… Greater shareholder value.

She pointed to the bank’s commitment to providing the best solutions to its customers in the corporate banking, retail banking and wealth management sectors, which resulted in diversifying revenue sources and enhancing the group’s performance during the first nine months of the year, locally and across the bank’s international network.

She explained that the bank has a strong presence in global markets, which gives the group and its clients an exceptional competitive advantage, and at the same time represents a tributary to its strategic aspirations aimed at expanding and diversifying sources of income.

She added: “The growth in total assets, which reached 1.2 trillion dirhams, reflects the pivotal role played by First Abu Dhabi Bank, consolidates its leading position among financial institutions in the region, and supports our future investment plans. We have also strengthened our pioneering position in the field of sustainable financing, as the bank has, to date, provided facilities for projects Sustainable and transitional at a value of 216 billion dirhams, or 43% of First Abu Dhabi Bank’s 2030 pledge of 500 billion dirhams.”

For his part, Lars Kramer, Group Chief Financial Officer at Abu Dhabi First Bank, said that the bank’s net profits during the third quarter amounted to 4.5 billion dirhams, driven by several factors; Most notably, the strong pillars of the economy have led to growth in business volume, increased revenue value, and diversified sources of income, while the bank continues to benefit from the diversity of its business sectors to enhance its relationships with clients.

He added that the bank’s international network played an important role in enhancing and developing sources of income, as revenues from international operations achieved a growth of 33% compared to the same period last year, representing 22% of the group’s total revenues, and the group maintained a strong credit rating, with Fitch Ratings confirming it. First Abu Dhabi Bank’s rating is AA-, while the balance sheet and asset quality contribute to enhancing its ability to adapt to increasing changes.