First Abu Dhabi Bank profits jump 19%

First Abu Dhabi Bank has reported a 19 percent increase in profits for 2021.

Net profits rose from AED 10.6 billion to AED 12.5 billion with group revenue up 17 per cent supported by solid 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.

Sheikh Tahnoon bin Zayed Al Nahyan, Chairman of FAB, said "2021 has been a year of a strong economic rebound, with unprecedented opportunities for innovation and growth, despite continued uncertainties due to COVID-19. Against this backdrop, the UAE has again demonstrated great vision and leadership, leading towards recovery regionally and globally.

"FAB continued to support the momentum of this dynamic transformation during 2021, delivering a standout financial performance while making significant progress in setting the building blocks for a future-proof bank."

FAB reports net profit of AED12.5 billion in 2021#WamNews https://t.co/EIDvOMc5dU pic.twitter.com/gjCx8n7IeE

— WAM English (@WAMNEWS_ENG) January 27, 2022