FAB reports first half 2022 Group Net Profit of AED 8 Billion
First Abu Dhabi Bank (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 2022 today.
The bank continued to deliver a resilient performance, resilience and conservative business approach have resulted in Group Net Profit at AED 8.0Billion, up 50% yoy ;annualised Earnings per Share at AED 1.43.
A resilient performance despite significant headwinds:
H1’22 highlights:
• Group Net Profit at AED 8.0Billion, up 50% yoy; annualised Earnings per Share at AED 1.43.
• Total Income at AED 12.5 Billion, up 31% yoy,includes AED 3.1 Billion net gain on sale of majority stake in Magnati.
• Impairment charges (net) at AED 1.0 Billion, 9% lower yoy; annualised cost of risk at47basis points.
• Operating costs at AED 3.1 Billion, up 8% yoy excluding Bank Audi Egypt inclusion, reflects ongoing investments to drive growth and transformation.
Q2’22 highlights:
• Group Net Profit at AED 2.9 Billion, up 13% qoq on an underlying basis when excluding gains on Magnati stake sale.
• Operating income at AED 5.0 Billion, 4% lower yoy, up 12% qoqdriven by higher interest and non-interest income.
• Impairment charges(net) at AED 582Million, 14% lower yoy, up 27% qoq.
• Operating costs at AED 1.6Billion.
Commenting on the result, HANA ALROSTAMANI GROUP CHIEF EXECUTIVE OFFICER said: “ FAB delivered a strong performance in the first six months of 2022 with a 50% increase in net profit compared to the same period in2021, Despite heightened global market volatility, our core businesses maintained solid growth momentum reflecting healthy pipeline execution across our diversified franchise, and our ongoing strategic focus on deepening client relationships, Almost AED 50 Billion net incremental lending was extended by FAB year-to-date, which is a record for the Group for any half-year period. This demonstrates buoyant regional activity, FAB’s leading origination capabilities, and the fundamental strength of our balance sheet as we continued to deploy our resources and expertise to support our client franchise with their local and cross-border banking needs. During the period, we continued to focus on unlocking opportunities for our clients and communities through specialised offerings and innovative solutions, and by strengthening our footprint in target markets. We are also proud of our leading role in building a sustainable future for all, and the tangible progress we are making against our ESG ambitions. Looking ahead, we must recognise a more challenging global economic outlook marked by turbulent market conditions and inflationary pressures. As we enter the second half of the year, we remain committed to our clients and stakeholders, and confident in our ability to deliver sustainable shareholder returns as we pursue our growth and transformation plans”.
