FAB Reports Record Half Year 2018 Group Net Profit up 10 Percent Crossing the Dh6.0 Billion Mark

Press release
Published July 25th, 2018 - 06:01 GMT
Abdulhamid Saeed, Group Chief Executive Officer of FAB
Abdulhamid Saeed, Group Chief Executive Officer of FAB

the UAE’s largest bank and one of the world’s largest and safest financial institutions, reported its financial results for the first half ended 30 June 2018 today.

A robust operating performance 

  • H1 2018 Group Net Profit of AED 6.1 Billion, up 10% year-on-year; annualised Earnings per Share (EPS) at AED 1.08
  • Second quarter Net Profit of AED 3.1 Billion, up 19% year-on-year   
  • Operating income of AED 9.8 Billion, broadly in line with a strong first half in 2017 which included opportunistic investment gains
  • Cost-to-income ratio (ex-integration costs) at 25.7% continues to improve on the back of cost discipline and synergy momentum

Sustained business growth in second quarter

  • Loans and advances (net) at AED 345 Billion, up 2% sequentially and 4% year-to-date
  • Customer deposits at AED 431 Billion, up 7% sequentially and 9% year-to-date
  • Liquidity position strengthened further with loans-to-deposits ratio at 80%

Strong fundamentals

  • Healthy asset quality metrics with Non-Performing Loan ratio at 3.1% and provision coverage at 123%
  • Common Equity Tier 1 (CET1) ratio at 13.1%, grew on the back of retained earnings
  • Return on Tangible Equity (RoTE) at 17.1%, up from 14.9% in the first half of 2017
  • FAB’s Aa3/AA- ratings were reaffirmed by Moody’s and S&P during the period, and assigned to its subsidiary FAB USA and the Washington DC branch

Commenting on the bank’s performance, Abdulhamid Saeed, Group Chief Executive Officer of FAB, said:  

“I am pleased to report that FAB has built on the positive momentum generated at the start of the year to deliver another strong set of results in the second quarter of 2018. Our Group Net Profit, which has grown consistently since Q2 2017, stood at AED 3.1 Billion for the quarter, increasing by 19% over the same period last year and leading to record half year profits above the AED 6 Billion mark. The group’s excellent performance was achieved on the back of healthy asset growth, and significantly lower risk and operating costs, as we continued to capitalise on solid asset quality and provision buffers, as well as substantial synergies realised from the merger. At the same time, the reaffirmation of our Aa3 and AA- ratings by Moody’s and Standard and Poor’s, and the assignment of the same ratings to our US subsidiary, are a clear testament to the solid fundamentals and financial strength of our bank. Just recently, FAB made a remarkable entry into The Banker’s Top 1000 World Banks 2018 ranking as the number one bank in the Middle East by capital strength, and the 81st worldwide, emphasising FAB’s significance in the global banking landscape.”

Saeed added: “In light of a strong first half and as we enter the final stretch of our integration journey, FAB is firmly on track to deliver another record performance for 2018. Despite persistent challenges, the economic outlook over the medium-term remains positive, underpinned by continuous reforms and initiatives to drive growth. In this context, we are fully committed to supporting the stimulus plan recently announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, which will help to accelerate further economic growth and diversification, and enhance Abu Dhabi’s competitiveness and position as one of the world’s leading economic hubs.”

FAB Q2/H1’18 Pro forma Summary Financials

Background Information

First Abu Dhabi Bank

FAB, the UAE’s largest bank and one of the world’s largest and safest institutions, offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

توقيف 41 شخصا في مظاهرات الجزائر

Published February 23rd, 2019 - 09:07 GMT
توقيف 41 شخصا في مظاهرات الجزائر
توقيف 41 شخصا في مظاهرات الجزائر

أعلنت المديرية العامة للأمن الوطني (الشرطة) الجزائرية، مساء الجمعة، توقيف 41 شخصا في مظاهرات شهدتها عدة مدن ضد ترشح الرئيس عبد العزيز بوتفليقة لولاية خامسة في انتخابات 18 أبريل/ نيسان القادم.

وأكدت إدارة الشرطة في بيان اطلعت عليه وكالة الاناضول أن عمليات التوقيف كانت بسبب “الإخلال بالنظام العام والاعتداء على القوة العامة وتحطيم الممتلكات” دون تقديم تفاصيل أكثر حول أماكن توقيف هؤلاء المتظاهرين.

والجمعة، استجاب آلاف المواطنين بعدة محافظات جزائرية، إلى دعوات للتظاهر تم تداولها عبر شبكات التواصل، ضد ترشح بوتفليقة (81 عاما) لولاية خامسة في انتخابات الرئاسة المقررة في 18 أبريل/ نيسان القادم.

واتسمت هذه المظاهرات بالسلمية في أغلب مناطق البلاد باستثناء حدوث مواجهات بين قوات مكافحة الشغب ومتظاهرين بوسط العاصمة خلال محاولتهم السير نحو القصر الرئاسي .

ووفق شهود عيان لجأت قوات الأمن إلى الغاز المسيل للدموع وتوقيف عدة أشخاص بعد تحذيرات للمتظاهرين وتعرضها للرشق بمقذوفات وحجارة قبل أن يتراجع المحتجون ويغادروا المكان.

وصبيحة اليوم نشر ناشطون معلومات عبر شبكات التواصل الاجتماعي حول توقيف عدد من زملائهم قبل بداية المظاهرات بالعاصمة.

وعلقت الرابطة الجزائرية للدفاع عن حقوق الإنسان (مستقلة) على بيان الشرطة بالمطالبة ب”الإفراج الفوري عن الموقوفين وان يتم احترام حق التظاهر سلميا” كما نشرت على صفحتها بموقع “فيسبوك”.

الأناضول


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