First Abu Dhabi Q1 profit rises by nearly a quarter

• Net profit up 23%
• Revenue up 11%
• Total assets up to $354bn

First Abu Dhabi Bank (FAB) reported an increase in profits in the first quarter of this year, fuelled by higher revenue from its retail, wholesale and investment banking segments.

FAB’s net profit rose 23 percent to AED5.1 billion ($1.4 billion) in the January to March period, while revenue saw an 11 percent growth to AED8.8 billion, compared to the same period last year.

The growth in revenue was driven by a 22 percent rise in non-interest income, which accounted for 43 percent of the group’s total revenue, FAB said in a statement on Tuesday.

Loans and deposits at the bank – the biggest lender by assets in the UAE – grew 8 percent and 4 percent respectively on an annual basis. Total assets rose 6 percent to surpass AED1.3 trillion ($354 billion) for the first time.

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FAB’s shares have risen by nearly 3 percent percent year-to-date on the Abu Dhabi Securities Exchange (ADX). The shares closed at AED14.1 on the exchange on Monday.

Last month, FAB announced the highest-ever cash dividend on higher annual revenues in 2024.