9.2 billion “First Abu Dhabi” profits by the end of September

9.2 billion “First Abu Dhabi” profits by the end of September
9.2 billion “First Abu Dhabi” profits by the end of September

The financial results of First Abu Dhabi Bank, for the first nine months ending on September 30, 2021, showed a net profit of 9.2 billion dirhams, an increase of 26% compared to the same period in 2020, which reflects the strong performance of the core business, in light of the improvement in the business environment, and positive results. For strategic initiatives aimed at enhancing revenue.

Group revenue increased by 17% thanks to business growth, improved fee income, and strong trading activity, which mitigated the impact of lower interest rates. Operational costs have also increased compared to the same period last year as a result of continuous investments in digital and strategic initiatives, in addition to calculating the business of Bank Audi Egypt. The group maintained strong levels of liquidity, capital and asset quality.

Annual earnings per share amounted to 1.09 dirhams, an increase of 29% compared to the same period in 2020, and total assets amounted to 983 billion dirhams, an increase of 7%, and customer deposits amounted to 606 billion dirhams, an increase of 12%. The group maintained strong liquidity ratios, with a liquidity coverage ratio of 124%. The non-performing loans ratio reached 3.9%, while the coverage ratio of provisions was 97%. The Tier 1 Equity Ratio was 13.0%, which is higher than the regulatory requirements, and the third quarter net profit amounted to AED 3.9 billion, an increase of 54%.

Outstanding performance

Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said: “The First Abu Dhabi Bank achieved an outstanding performance during the first nine months of 2021, which reflects the remarkable progress in our plans to achieve growth and progress, while we continue to play a key and influential role in accelerating the pace of economic recovery. The highest profit rate was achieved so far during the third quarter, thanks to the remarkable recovery in economic activities in Abu Dhabi, and the region in general.

She added, “Our focus on achieving our strategy has resulted in an increase in business activities and deal execution; As First Abu Dhabi Bank continued to provide world-class solutions to clients, winning and managing major deals. During the third quarter of the year, the bank maintained its position at the regional level, being the most prominent ranked bank, within all the periodic tables of subscription and investment in the Middle East and North Africa, and ranked first in the UAE as a trustworthy custodian in terms of asset value, a great achievement that confirms the exceptional position , enjoyed by the group. We are also proud to be the main and only underwriting bank for ADNOC Drilling shares, the largest listing of its kind to date in the Emirate of Abu Dhabi, in addition to our role as global coordinator and joint placement manager for the transaction, taking advantage of our global network and our ability to attract the best institutional investors. We still have many future deals, which we will work on in light of the boom in the market.

She emphasized continuing to make good progress in areas of strategic interests, while continuing to enhance specialized capabilities within our key business sectors to support future growth and accelerate transformation and development. We are currently working on introducing new and innovative products in key areas, taking advantage of constructive partnerships and the latest technology to provide the best solutions and services. We also continue to advance our strategy for our international business; The integration process in Egypt is scheduled to be completed in 2022, in addition to obtaining approval to expand our business in Shanghai to enhance our presence in the Asian continent, and thus enable our customers to access these promising markets.

And she concluded: In light of the tireless efforts that made the UAE at the forefront of the world, which succeeded in economic recovery from the repercussions of the pandemic, and as we entered the last quarter of the year, we are optimistic about the opportunities that await us as a financial institution, and one of the foundations that supports national development ambitions for the fifty years. forthcoming and beyond. In addition, the Bank’s announcement of its commitment to reduce net carbon emissions to zero by 2050 represents a milestone in the Group’s sustainability journey, and an important boost to efforts to address the major climate challenges facing societies around the world. Finally, the bank’s competitive advantages, which are represented in the global business network, high flexibility in keeping pace with changes, focus on developing human competencies and enhancing work culture and institutional values, as well as constantly striving to adopt the latest technologies, put the bank in a position that qualifies it to continue achieving sustainable success in the long term. At a time when we are laying strong foundations for building a banking institution that keeps pace with the requirements of the future.

positive trends

James Burdett, Group Chief Financial Officer, First Abu Dhabi Bank, said: “The bank’s good performance reflected the efficiency of the diversified business model, which it adopted during the economic recovery period, and our ability to take advantage of market opportunities to enhance the group’s returns.” Investment banking services mainly contributed to the Group’s profit growth on the back of exceptional performance of trading activities and sustainable business in areas as diverse as debt capital markets, trade finance, advisory services, and capital markets; The First Abu Dhabi Bank continues to consolidate its leading position in the region.

We are also witnessing positive trends in corporate and commercial banking services, consumer banking services, and global private banking services in light of the growing confidence of corporate and individual customers during this period.

He pointed out that despite the varying levels of economic recovery worldwide, and the possibility of new challenges emerging, the bank enjoys a strong position that enables it to accelerate the pace of growth and development, and to achieve viable and sustainable returns for shareholders.

A look at the economy

At the level of the Emirates; The country’s global leadership in vaccination programs against (Covid 19) contributed to the continuation of the economic recovery, which was represented by the fact that consumer spending exceeded pre-pandemic levels, and the consumer price index reached its highest level in two years. In addition to financial support and stimulus plans and various legislative measures, the federal and regional governments launched new initiatives, and continued their commitments to pumping large investments to enhance the confidence of investors and companies in the economy. With the launch of the Expo, and oil prices maintaining their levels above $70 a barrel; The real GDP of the UAE is expected to reach 2.4% during 2021 and 3.8% in 2022, compared to previous expectations, which amounted to 2.4% and 3.0%, respectively.

Global financial markets and macroeconomics maintained their positive momentum during the third quarter of 2021, as a result of the progress of vaccination programs against the (Covid 19) virus, the improvement of confidence in the economy and business, in addition to the positive effects of support measures and global financial stimulus packages. However, some factors have emerged that could impede the course of the global economic recovery, such as concerns about continuing inflation pressures, restrictions on supply chains, and the tight fiscal policies of the US Federal Reserve.

Follow the economic statement via Google News
Follow the economic statement via Google News

Print
Email

Twitter
LinkedIn
Pin Interest
Whats App

These were the details of the news 9.2 billion “First Abu Dhabi” profits by the end of September for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT KSA set ‘to uncover local brands to attract more talent’

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]