Abu Dhabi (Urdu Point Network أبريل April 28, 2020) The First Abu Dhabi Bank achieved a net profit of 2.4 billion dirhams during the first three months of 2020, while the value of operating revenues amounted to 4.6 billion dirhams, in light of the exceptional circumstances in the global market This reflects the good performance of the group during the first quarter of this year.
The bank maintained the strength of both the balance sheet, liquidity and capital ratios, in addition to good indicators of asset quality, thanks to its pioneering position and the expansion of its business scope in support of clients and society as a whole.
Provisions for impairment amounted to 738 million dirhams, which reflects the studied distribution of provisions in light of market challenges, while the rate of expenses to revenue was “excluding merger costs” 29.
1% during the first quarter of 2020.
Total assets amounted to 835 billion dirhams, an increase of 14% compared to the first quarter of 2019, while loans and advances amounted to 382 billion dirhams, an increase of 6% compared to the first quarter of 2019.
Customer deposits reached 497 billion dirhams, an increase of 15% compared to the first quarter of 2019, and current account and savings accounts reached 181 billion dirhams, an increase of 12% compared to the first quarter of 2019.
The bank achieved a strong liquidity level and high financing rates, as the liquidity coverage rate reached 110% at the end of March 2020, the nonperforming loan rate reached 3.5%, while the coverage coverage of the allocations was 95%, while the equity rate – first tier 12.1%, which is higher Of regulatory requirements.
His Highness Sheikh Tahnoon bin Zayed Al Nahyan, National Security Adviser and Chairman of the First Abu Dhabi Bank, said: “First Abu Dhabi Bank dealt with this stage, which is witnessing unprecedented challenges, with outstanding performance dependent on the strength of both the balance sheet and capital, which strengthened its ability to provide support It includes clients and reduces economic burdens by playing a pivotal role in the economic initiatives launched by the government. The bank was keen to cooperate with the public and private sectors, which resulted in constructive partnerships based on the principle of cooperation and social responsibility to enhance the national economy and provide support in all available ways. End of necessity. ”
He added: “On my own behalf and on behalf of the Board of Directors of the bank, I extend my sincere congratulations to His Excellency Abdul Hamid Saeed on the occasion of his appointment as Governor of the Central Bank of the United Arab Emirates, considering that the great experience he has and spanning decades has contributed to the accomplishments and successes achieved by First Gulf Bank previously While assuming responsibility for his management, he continued to pursue the achievements led by the merger between First Gulf Bank and Abu Dhabi National Bank, which resulted in the largest banking entity in the United Arab Emirates, which is one of the most prominent engines of national economic growth.
“We are confident of His Excellency’s ability to promote the growth of the banking and economic sector through his new position as we move forward together. I would also like to thank and appreciate our employees for continuing to provide banking services to our clients throughout this difficult period and with high efficiency,” he said.
On his part, Andre Sayegh, CEO of First Abu Dhabi Bank Group, said: “The First Abu Dhabi Bank performed well during the first quarter of 2020, despite the exceptional circumstances the market is going through. The Group’s net profit reached 2.4 billion dirhams, a decrease of 22% Compared with the first quarter of last year, as a result of following an accurate model for allocating allocations and the bank’s business was affected by the decrease in interest rates during this period.
He added: “Despite the challenges that the market is currently experiencing, we have maintained the strength of the balance sheet, capital efficiency, liquidity and financing rates, so that we can continue to attract liquidity throughout our global network, and benefit from the trend towards safe investments, which enables us to keep pace with the challenges of the stage Besides being one of the most prominent supporters of the private sector in the United Arab Emirates, we will strive to continue to work closely with government agencies and public sector bodies concerned with the banking and financial sector in the country to support the economy and support the development process in all fields. ”
“Based on the position of First Abu Dhabi Bank as one of the main drivers of economic growth and prosperity in the United Arab Emirates, we are confident of our ability to achieve the best possible value for our shareholders and in the long run,” he added.
It is worth noting that First Abu Dhabi Bank continues to take all necessary measures and measures to support its employees, customers and the UAE community as a whole, as the bank rushed early to activate a tight plan to ensure business continuity and ensure continued provision of basic services without any interruption, while reducing visits to branches and encouraging the use of banking services Digital online and mobile, in conjunction with the publication of instructional directions and educational videos for customers on how to use these services.
Abu Dhabi Bank was the first in the forefront of financial institutions that launched financial support programs for clients that included a package of financial facilities such as postponing the payment of various loan installments, in addition to reducing or suspending fees on many banking products and services, in line with the directives issued by the government of the United Arab Emirates .
The bank launched supportive initiatives for all segments of society, where the bank provided one million dirhams for the Emirates Foundation to provide food parcels to those who deserve it during the holy month of Ramadan. The bank also allocated two million dirhams to the Emirates Red Crescent to provide meals for medical cadres, individuals and families of the needy during the holy month of Ramadan in cooperation with the Ministry Education to support the distance learning system by providing computers worth five million dirhams.