First Abu Dhabi Bank (FAB), the UAE’s biggest lender, reported a four per cent rise in net profit to $4.6bn (AED17.1bn) in 2024, compared to the previous year.
For Q4 2024, the bank’s net profit was to the tune of AED4.18bn, four per cent higher YoY.
FAB’s FY 2024 financial results topped analysts’ mean estimate of AED16.2bn, according to LSEG data, while Q4 profit also beat the AED4bn estimate.
FAB results
The bank’s operating income for FY 2024 was AED31.6bn, 15 per cent higher YoY, on higher net interest income which rose 8 per cent to AED19.6bn.
Its net interest margin widened 13 basis points YoY to1.93 per cent, the bank said.
Non-Interest Income grew 29 percent YoY to AED12bn.
The bank said its assets at the end of December 2024 were at AED 1.21 billion, 4 per cent higher YoY, but one per cent lower compared with the previous quarter.
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