Abu Dhabi – Mubasher: The net profits after tax of First Abu Dhabi Bank (FAB) surged by 6% year-on-year (YoY) to AED 4.15 billion in the first quarter (Q1) of 2024 from AED 3.92 billion.
Total income stood at AED 7.97 billion in Q1-24, higher by 18% than AED 6.73 billion in Q1-23, according to the financial results.
Earnings per share (EPS) hit AED 0.35 during the first three months (3M) of 2024, up 4% YoY from AED 0.34.
As of 31 March 2024, the total assets grew by 4% to AED 1.23 trillion from AED 1.18 trillion a year earlier, while the customer deposits increased by 3% to AED 803 billion from AED 781 billion.
On a quarterly basis, the Q1-24 net profits rose by 4% from AED 4.01 billion in Q4-23, whereas the total income climbed by 10% from AED 7.21 billion. The EPS declined by 3% from AED 0.36.
Lars Kramer, Group Chief Financial Officer of FAB, commented: “FAB has started the year strongly with double-digit growth in revenue, while we continued to deliver positive jaws during the quarter. The strong revenue performance was driven by balance sheet growth, higher NIMs and robust non-funded income.”
“The strong revenue growth also enabled us to largely offset the impact of the UAE corporate tax and to maintain robust provision coverage levels, particularly in the context of a global environment marked by continued uncertainties,” Kramer added.
He concluded: “We remain committed to delivering above 16% [return on tangible equity]RoTE over the medium term, as evidenced by our Q1 outcome of 17.40%.”
