UAE- FAB secures AED8.09 billion in net profits in nine months

(MENAFN- Emirates News Agency (WAM))

ABU DHABI, 25th October, 2017 (WAM) -- First Abu Dhabi Bank, FAB, secured AED8.09 billion in net profits during the first nine months of 2017, a growth of 2 percent over the corresponding period last year.

The FAB Group's net profit during the third quarter this year increased by 2 percent against Q2, thanks to improved cost optimisation levels in addition to posting merger-related benefits in a shorter time than planned.

The results announced by FAB today showed that the bank enjoys good liquidity levels, with loans to deposit ratio hitting 86.6 percent by the end of September, proprietary rights increasing to 14.6 percent against 13.8 percent during the first nine months of 2016.

The bank's total assets increased by 2 percent against the same period last year.

Abdul Hamid Saeed, Group Chief Executive Officer, said the bank's performance during the first nine months of the year corroborates the Group's ability to achieve good results thanks to its operations which exhibited noticeable improvement despite current market challenges.

WAM/Hatem Mohamed/Tariq alfaham


Emirates News Agency (WAM)

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