First Abu Dhabi Bank (FAB), the UAE’s largest bank, has reported a record net profit of Dh3 billion ($816 million) for the first quarter of 2018, up two per cent year-on-year and six per cent quarter-on-quarter.

Operating income stood at Dh4.9 billion, compared to Dh5.2 billion in the first quarter of 2017, which included opportunistic investment gains of around Dh400 million, a statement said.

Abdulhamid Saeed, Group chief executive officer of FAB, said: “During the quarter, we continued to build on the many successes we have achieved to-date, whilst delivering strong revenues and healthy balance sheet growth. We also maintained a strong capital position even after the distribution of Dh 7.6 Billion of cash dividends earlier this year.”

“As we enter our second year, FAB continues to make significant progress in delivering on its business objectives and integration milestones, with IT integration activities in particular moving forward at a steady pace and according to plan. As part of our business expansion strategy, we are also extending our presence into Saudi Arabia, after receiving commercial and investment banking licenses from the Saudi Arabian Monetary Authority and Capital Market Authority.

 “Looking ahead to the remainder of 2018, we remain steadfast in our commitment to support the growth ambitions of our shareholders, customers, employees and all other stakeholders. We will continue to contribute to the late Sheikh Zayed bin Sultan Al Nahyan’s vision of a strong and prosperous UAE, as we put our customers first and remain ahead of market trends,” he added. – TradeArabia News Service