- In the first nine months of 2023, First Abu Dhabi Bank (FAB) achieved record-breaking performance, announcing a net profit of AED12.4 billion, marking a 58% year-on-year increase on an underlying basis (excluding gains related to Magnati in 2022). During this period, FAB generated revenue amounting to AED20.5 billion, reflecting a substantial 38% year-on-year growth, which underscores the bank's effective and sustained execution of its growth strategy.
- The bank also disclosed that the return on tangible equity reached 18.3%, and in the third quarter of 2023, the net profit surged by 46% to AED4.3 billion, setting a new record on an underlying basis. Moreover, revenue for the same quarter increased by 27% to AED7.0 billion. Hana Al Rostamani, Group Chief Executive Officer of FAB, highlighted FAB's commitment to climate finance and its involvement in the UN-convened Net Zero Banking Alliance, emphasizing their alignment with Abu Dhabi and the UAE's sustainability goals.
Why it matters
FAB's total assets reached approximately AED1.2 trillion, driven by its role in cross-border trade, economic growth, and the transition to a low-carbon future across its global network. The bank's international operations have grown significantly, contributing to its success and reflecting the UAE's importance in global trade and investments.
