Emirates News Agency – “First Abu Dhabi” profits of 7.3 billion...

Emirates News Agency – “First Abu Dhabi” profits of 7.3 billion...
Emirates News Agency – “First Abu Dhabi” profits of 7.3 billion...

ABU DHABI, 26th October, WAM – First Abu Dhabi Bank Group net profits reached 2.5 billion dirhams during the third quarter of 2020, an increase of 4% compared to the second quarter, while net profits reached 7.3 billion dirhams during the first nine months of 2020. According to the financial results issued by the group for the first nine months ending on September 30, 2020.

First Abu Dhabi Bank maintained the balance sheet strength by enhancing liquidity, financing operations and capital ratios, while asset quality maintained its strong levels thanks to careful and conservative risk management, and thanks to the support measures adopted as part of the Central Bank’s comprehensive economic support plan.

André Sayegh, CEO of First Abu Dhabi Bank Group, said, “First Abu Dhabi Bank has performed well during the first nine months of 2020, as it succeeded in managing major risks in light of the unprecedented conditions that the world is witnessing.”

He added .. “With total assets reaching nearly a trillion dirhams by the end of September 2020, strong business fundamentals have enabled us to continue providing support to customers and benefit from the gradual recovery of the economy and the return to market activity.

Thanks to our competitive position, we managed a number of high profile deals for our clients during the third quarter, and we also continued to support trade and investment across the region. ”

“We continued to work during this quarter on accelerating the pace of digital initiatives across the various divisions of the group, in addition to enhancing efforts to develop customer service channels, as well as completing a number of important digital partnerships, and updates on services related to payments and business partners,” he said.

He explained that the new partnership with the “holding” – ADQ – and the integrated digital bank that it intends to establish is an important achievement that comes within the framework of our commitment to support the digital ambitions of the Emirate of Abu Dhabi.

“At the group level, we have been able to adopt flexible business policies by taking advantage of our strong digital approach, and we will continue to look at ways to develop our operations to meet the interests and needs of our shareholders, customers and employees,” he said.

James Burdett, Head of Financial Affairs, First Abu Dhabi Bank Group, said: “The group’s net profit reached 2.5 billion dirhams during the third quarter of 2020, an increase of 4% compared to the previous quarter, which represents the strongest quarterly performance achieved by the group this year. Despite the continuing difficulties due to the low interest rates and the difficult environment resulting from the continuing outbreak of the new Corona virus, the rise in retail banking services revenues contributed to compensating for this and mitigating the impact of these challenges, reflecting the recovery of business activity and the return of sales momentum to pre-epidemic levels, and the results. This is driven by our continued focus on sales growth and revenue diversification. ”

He added .. “The corporate banking and investment services business also performed well with the growth in core revenues supported by a number of landmark deals for our clients in the United Arab Emirates and the MENA region, in addition to the strong participation of our business network, which contributed to increasing sales revenue. Department of World Markets. ”

“Operating costs witnessed an improvement of 7% compared to the same period last year, which reflects our ability to control costs in light of continuing to invest in our most prominent strategic and digital initiatives aimed at enhancing productivity and creating future efficiencies,” he said, while we continued the thoughtful distribution of allocations to the portfolio. “Our business, we benefited from the partial closure of a large bank account which resulted in lower provisions for impairment compared to the previous quarter. The group maintained strong capitalization as the equity-tier 1 ratio reached 14.0%, which is above regulatory requirements.”

First Abu Dhabi Bank continues to operate according to the Business Continuity and Crisis Management Plan. Currently, approximately 90% of the bank’s employees in the United Arab Emirates and 65% of its international staff work remotely, with a multi-stage approach to returning to work from offices. The bank has also invested in the best human resources and adopted mechanisms and technologies while ensuring continuous management support for information security and maintaining the flexibility of operational processes.

First Abu Dhabi Bank also continues to invest in infrastructure to build the technological foundations of the highest international standards, which are considered a key enabler to support operational models and achieve the bank’s business ambitions.

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