Profit at UAE’s biggest lender First Abu Dhabi Bank modestly up

Profit at UAE’s biggest lender First Abu Dhabi Bank modestly up
First Abu Dhabi Bank was created in 2017 by the merger of two Abu Dhabi-based lenders. (Reuters)
Short Url
Updated 28 January 2020

Profit at UAE’s biggest lender First Abu Dhabi Bank modestly up

Profit at UAE’s biggest lender First Abu Dhabi Bank modestly up
  • First Abu Dhabi Bank was created in 2017 by the merger of two Abu Dhabi-based lenders
  • FAB’s assets grow 10 percent last year to $224 billion, making it the second largest Arab bank in terms of assets

ABU DHABI: The United Arab Emirates’ top lender, First Abu Dhabi Bank, on Tuesday announced a modest increase in net profit for 2019, despite “challenging market conditions.”
FAB said its net profit for last year rose four percent to $3.4 billion compared to $3.27 billion in 2018.
“2019 marked another year of growth for FAB, despite challenging market conditions regionally and internationally,” chairman Sheikh Tahnoon bin Zayed Al-Nahyan said in a statement.
FAB, which was created in 2017 by the merger of two Abu Dhabi-based lenders, saw its assets grow 10 percent last year to $224 billion making it the second largest Arab bank in terms of assets after Qatar National Bank.