Hotel occupancy rates at 80% were the highest in the region
business3 days ago
First Abu Dhabi Bank (FAB) , the UAE’s biggest lender by assets, on Thursday reported a 23 per cent fall in first-quarter net profit, but said its loans and deposits grew, supported by strong momentum in the business and commercial environment.
The bank posted a profit of Dh3.93 billion, compared to Dh5.12 billion a year ago, according to a bourse filing.
The lender said that Q1 profit was up 70 per cent year-on-year when excluding gains from the sale of a stake in its payments business Magnati, which were booked in the first quarter of 2022.
Total income stood at Dh6.7 billion in Q1, down 7 per cent YoY, although operating income jumped 51 per cent.
The bank took out impairment charges of Dh798 million in the first quarter, up 74 per cent from Dh457.4 million last year.
FAB’s loans and advances grew 9 per cent, and it attracted deposits of 80 billion dirhams, with total deposits up 30 per cent.
The bank - majority owned by the Abu Dhabi government - said total assets increased 21 per cent to Dh1.2 trillion, “led by sizeable deposit inflows deployed across loans and high-quality liquid assets.”
Hotel occupancy rates at 80% were the highest in the region
business3 days ago
GCC banks have consistently maintained a higher return on equity
business3 days ago
FCA asks senior leaders to take personal responsibility for ensuring rules have been complied with
business3 days ago
The deal has come under increasing criticism from U.S. politicians
business3 days ago
Several checks and balances are already in place to monitor overseas investments
business4 days ago
A spokesman for the brand, part of Volkswagen group , on Tuesday described Longo as a person of 'great integrity, culture, capability and sensitivity'
business4 days ago
A common challenge for businesses is determining the commencement of their first tax period
business5 days ago
ADIB’s rating has been elevated to AA from A in the annual update
business5 days ago