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Tuesday, April 16, 2024

FAB’s H1 2023 net profit: Dh8.1 billion

FAB achieved a record net profit of Dh8.1 billion in H1 2023, the highest ever for the Group in a half-year period. Return on Tangible Equity (ROTE) rose significantly to 18.6%, and Group CET1 reached 13.6% as of June-end 2023.

The results showcased the Group’s effective risk management, cost control, and strong organic capital generation, leading to a notable increase in Common Equity Tier 1 (CET1) to 13.6% by June-end 2023, compared to 12.6% in the same period last year.

Hana Al Rostamani, FAB’s Group CEO, emphasized that these achievements signify steady progress in their growth strategy, reinforcing their position as the preferred financial institution. They remained committed to providing the best financial and banking products and services to clients across their diverse franchise, contributing to the UAE’s status as a global financial hub.

Lars Kramer, FAB’s Group CFO, highlighted the bank’s robust foundation, unique liquidity, and funding profile, ensuring sufficient capacity to effectively support clients in their home market and strategic footprint.

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