FAB reports full year 2020 group net profit of AED 10.6 billion

FY'20 net profit of AED 10.6 Billion, compared to AED 12.5 Billion in 2019

FAB reports full year 2020 group net profit of AED 10.6 billion

Abu Dhabi, UAE: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, today reported its financial results for the full year 2020.

FAB delivered a resilient performance in 2020 with a Group Net Profit of AED 10.6 Billion for the full year ended       31 December 2020, compared to AED 12.5 Billion in 2019. Profitability was lower year-on-year reflecting unprecedented market conditions, record low interest rates and the pandemic-driven economic slowdown, resulting in lower revenue and higher impairment charges, partly mitigated by cost optimisation initiatives. The Bank consistently demonstrated balance sheet strength throughout the year, ending the period with solid liquidity, funding, and capital ratios, and resilient asset quality metrics highlighting its conservative risk profile, supported by the relief measures under the UAE Central Bank TESS programme.

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