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.

Click here for more details in PDF 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases