By: Mahmoud Gamal
Abu Dhabi – Mubasher: The stock of First Abu Dhabi Bank (FAB) jumped 8.8% to AED 14.8 in August, its highest monthly growth since its listing on the Abu Dhabi Securities Exchange (ADX).
Last month, FAB’s market capitalisation increased by AED 13 billion to AED 161.28 billion, according to data collected by Mubasher.
The stock’s performance has exceeded the expectations, senior financial analyst at Mena Corp Issam Kassabieh commented.
The bank’s latest policies were aimed at reducing provisions and controlling costs, he added.
The ADX-listed bank is expected to report a higher profit at the end of 2018, Kassabieh said.
In July, FAB posted a 19% year-on-year profit hike in the second quarter of 2018, recording AED 3.1 billion.
Translated by: Muhammad Khalid