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- Record performance reflects economic rebound, positive momentum across core businesses
- Solid balance sheet provides robust foundationfor future growth
Abu Dhabi, UAE : 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 full year ended 31 December 2021.
The Group produced a record set of results with a net profit of AED 12.5 Billion, compared to AED 10.6 Billion in 2020, marking a 19% increase year-on-year. This performance reflects positive underlying trends across core businesses in a year of economic rebound and expansion. Group revenue was up 17% supported by a strong trading performance and growth in fee-generating business, helping to offset headwinds from low interest rates. Operating expenses were up year-on-year reflecting ongoing investments in digital and strategic initiatives, and the inclusion of Bank Audi Egypt. Asset quality metrics remained healthy underpinned by prudent risk management, and the relief measures under the UAE Central Bank TESS programme. The Group’s foundation remains robust across liquidity, funding and capital metrics.
The detailed report can be read here.
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ABOUT FIRST ABU DHABI BANK (FAB)
FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.
Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.
With total assets of over AED 1 Trillion (USD 272 Billion) as of December-end 2021, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2021 rankings, measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #94 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of AA, ‘Leader’ category), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com, or https://www.growstronger.com/
Grow Stronger or https://www.bankfab.com/en-ae/updates for COVID-19 related updates.
For queries, please contact us on PRandmedia@bankfab.com
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