7.3 billion profits of “First Abu Dhabi” in 9 months – the economic – the local market

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First Abu Dhabi Bank achieved a net profit of 2.5 billion dirhams in the third quarter of this year, an increase of 4%, compared to the second quarter, while net profits reached 7.3 billion dirhams, during the first nine months of 2020, a decrease of 22% , Compared to the same period in 2019, as a result of an increase in provisions for impairment and a decrease in revenues.

Which was partially compensated for through cost control. Revenues in the third quarter amounted to 4.3 billion dirhams, while it amounted to 13.7 billion dirhams in the first nine months of this year, and operating costs decreased by 7% during the first nine months, and the percentage of bad loans reached 3.9%, To maintain the levels achieved during the last quarter, while the provision coverage ratio reached 96%.

Total assets amounted to 955 billion dirhams, an increase of 10%, compared to the previous quarter, and customer deposits amounted to 602 billion dirhams, an increase of 16%, compared to the last quarter, and loans and advances amounted to 389 billion dirhams, an increase of 1% compared to the previous quarter. , Tier 1 Equity Ratio – 14.0%, which is above regulatory requirements.

The Bank continues its work according to the Business Continuity and Crisis Management Plan, as approximately 90% of the bank’s employees in the UAE and 65% of its international staff work from home, with the adoption of a multi-stage approach to return to work from offices.

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