The largest bank in the Emirates achieves record profits

The largest bank in the Emirates achieves record profits
The largest bank in the Emirates achieves record profits

First Abu Dhabi Bank, the largest bank in the UAE, announced Thursday that it achieved record net profits in 2021, with life returning to normal in the Gulf state and the region following the Corona pandemic.

The bank said in a statement that it achieved profits of 12.5 billion dirhams ($ 3.4 billion), compared to a net profit of 10.6 billion dollars in 2020.

“First Abu Dhabi Bank recorded record revenues and net profits in light of the acceleration of economic recovery indicators for this year,” Hana Al Rostamani, Group CEO of First Abu Dhabi Bank, said in a statement.

For his part, the Chairman of the Board of Directors of the Bank, Sheikh Tahnoon bin Zayed Al Nahyan, who is the National Security Adviser to the UAE, said that the year 2021 witnessed a tangible economic recovery, “with the emergence of unprecedented opportunities for innovation and growth, despite the uncertainty about developments related to the Corona pandemic.”

On Wednesday, Emirates NBD Bank, ’s largest bank, announced a rise in its net profit in 2021, with the Gulf state’s economy recovering in the wake of the recession caused by the virus.

In 2020, the UAE Central Bank said it doubled the stimulus packages to $70 billion with the aim of supporting the economy and local banks in the face of the Covid-19 epidemic.

It is noteworthy that First Abu Dhabi Bank appeared in 2017, after the completion of the process of merging the First Gulf Bank and the National Bank of Abu Dhabi. The new banking entity entered the financial market of the Gulf state with assets considered among the largest in the Middle East.

Source: AFP

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