Abu Dhabi bank FAB’s Q1-2022 net profit hits Dh5.1b – and that is a record

“Internationally, we continued to expand our presence into new, targeted markets. Egypt remains a strategically important market for the Group, and the integration of Bank Audi Egypt is on track for completion within the next few months. Our Shanghai branch became operational in March, and we opened a representative office in Iraq, serving as a strategic addition to our geographic footprint as the UAE continues to be one of Iraq’s most important trading partners.” (The bank, however, has pulled out from a plan to acquire Egyptian investment bank EFG Hermes.)

Dh600b

FAB’s total customer deposits as of end March, 2022

The bank said its “core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions and the positive contribution from Bank Audi Egypt, helping offset lower trading and investment income”.

Despite ongoing global uncertainty, we see significant momentum in the UAE which FAB is very well positioned to support and capitalise on

– Hana Al Rostamani of FAB

FAB continues to see its loan book growing, this time by 6 per cent and at improving margins too. The CASA (Current Account Savings Account) number was at Dh22 billion, which is 52 per cent of overall customer deposits. “In an increasing interest rate environment, this places us in good stead to deliver higher returns in the coming quarters,” said James Burdett, Group CFO.

“Fee-generation remained strong demonstrating healthy pipeline execution across the business, in addition to increased client flow activity in global market sales, which helped partially offset softer trading and investment income. Sales momentum was also sustained in consumer banking across key products underlining growing consumer confidence.”

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