GulfBase Live Support
27/07/2017 06:04 AST
First Abu Dhabi Bank, the UAE’s biggest bank by assets, on Wednesday reported a lower second-quarter net income on what it said was a slower business momentum.
On a pro-forma basis, net profit was recorded at Dh2.56 billion (SR2.61 billion), 4 percent lower from Dh2.68 billion during the same period last year. This is the first combined results of Abu Dhabi’s two biggest banks, First Gulf Bank and National Bank of Abu Dhabi, after they merged in April.
An analyst at the Egyptian investment bank EFG-Hermes had projected a profit of Dh2.57 billion for the combined bank.
Net interest income dropped fell percent in the three months ended June to Dh3.17 billion versus Dh3.35 billion during the same period last year.
First-half net profit meanwhile improved 4 percent year-on-year to Dh5.49 billion from Dh5.28 billion in 2016.
“FAB’s performance in the first half of 2017 demonstrates the Group’s resilience during a period marked by softer economic conditions,” said Abdulhamid Saeed, the bank’s chief executive.
“We ended the period with a strong balance sheet, an industry leading cost-to-income ratio, as well as a robust liquidity profile and capital position — meaning we are well-placed to meet the evolving regulatory landscape.”
Saeed likewise reported progress in the integration of the two bank’s IT systems as well as the completion of the organizational structure across the group.
“I am pleased with the progress and execution of our integration plan at this early stage in our transformation journey,” Saeed said.
“The consolidation of our businesses and operations, and the ongoing realization of synergies are strong testaments to the benefits of this merger as we continue to create value for customers, employees, shareholders and communities, and empower them to grow stronger through differentiation, agility and innovation.”
Arab News
01/04/2018
First Gulf Properties, the real estate service provider and a wholly-owned subsidiary of the First Abu Dhabi Bank (FAB), has changed its name to "FAB Properties."
It manages a diversified
Trade Arabia
21/03/2018
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest financial institutions, has secured a licence from the Saudi Arabia Monetary Authority (Sama) to establish a commerci
Trade Arabia
20/03/2018
First Abu Dhabi Bank (FAB) has refuted allegations that it had conducted any transaction with the intent to manipulate the Qatari riyal.
In a statement, FAB said: “Following recent media
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
Ticker | Price | Change |
---|---|---|
NCB | 64.98 | 0.35 (0.54 |
RJHI | 76.03 | 0.78 (1.03 |
EMIRATESNBD | 10.65 | 0.05 (0.47 |
SAMBA | 26.98 | 0.59 (2.23 |
EIB | 9.50 | 0.00 (0.00 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News