FAB Reports Strong Quarterly Results

 

First Abu Dhabi Bank FAB the largest lender in the UAE announced its second quarter results for 2024 The bank reported a net profit of 4.26 billion AED US$ 1.16 billion for Q2 slightly higher than the 4.21 billion AED in the same period last year While impairment charges increased by 11%, higher interest income and non interest income supported the bottom line.  

The results beat analysts estimates demonstrating FAB ongoing financial strength Total income was up thanks to an 11% rise in net interest income to 4.9 billion AED as well as a 19% jump in non interest income to 2.8 billion AED Loans deposits and other business levels all increased compared to the prior year quarter FAB management affirmed its guidance targets for the full year 2024 and medium-term outlook remain intact.

Several factors contributed to FAB solid Q2 performance The UAE economy has continued growing steadily supporting business activity and credit demand FAB has also grown its customer base across key domestic sectors and international markets. Steady margin improvements enhanced profitability as well Looking ahead FAB is well positioned to capitalize on new opportunities as the largest bank in the thriving UAE economy.  

With its stable results, strong balance sheet and lucrative growth opportunities FAB has demonstrated why it maintains its leadership position among UAE banks Shareholders can feel confident about the bank financial footing and management ability to navigate changing market conditions FAB continues delivering long term value to its many stakeholders.