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First Abu Dhabi Bank revenue rises on overseas growth

Architecture, Building, Convention Center WAM
The lender reported profit before tax of AED10 billion, up 15 percent year on year

First Abu Dhabi Bank (FAB), the UAE’s biggest lender, said revenues rose 16 percent year on year to AED15.7 billion ($4.3 billion) in the first half of 2024, driven by 30 percent annual growth in international franchise.

Net profit increased 3 percent to AED8.4 billion despite the impact of corporate tax, which came into effect on January 1 2024, the bank said in a filing on the Abu Dhabi bourse on Thursday.

Net interest income reached AED9.8 billion, rising 11 percent yearly, thanks to solid business volumes and improvement in net interest margin. Total assets grew 2 percent to AED1.2 trillion.



Loans, advances and Islamic financing rose 6 percent to AED513 billion, reflecting market share gains across key segments and geographies amid a robust UAE economy.

“Our outlook remains anchored in the strong fundamentals of the UAE and Abu Dhabi as a global economic powerhouse and preferred hub for investment, talent, and innovation,” said group CEO Hana Al Rostamani.

She added that the bank remains on track to meet its 2024 and medium-term guidance.

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