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The UAE’s biggest lender First Abu Dhabi Bank (FAB) posted a 2024 net profit of 17.1 billion dirhams ($4.6 billion), 4% higher year-on-year (YoY) as a rise in operating income offset higher impairment charges.
For Q4 2024, the lender made a net profit of AED 4.18 billion, 4% higher YoY.
The effort for FY 2024 topped analysts’ mean estimate of AED16.2 billion, according to LSEG data, while Q4 profit also beat the AED 4 billion estimate.
Operating income for FY 2024 was AED31.6 billion, 15% higher YoY, on higher net interest income which rose 8% to AED 19.6 billion. Net interest margin widened 13 basis points YoY to1.93%, a year-year high, the bank said.
Non-Interest Income grew 29% YoY to AED12 billion.
Net impairment charges were AED 3.9 billion, up 27% YoY driven by higher provisioning levels.
Assets at the end of December 2024 were at AED 1.21 billion, 4% higher YoY, but 1% lower compared with the previous quarter.
(Reporting by Brinda Darasha; editing by Seban Scaria)
