First Abu Dhabi Bank (FAB), the UAE’s largest lender, reported a 4% year-on-year (YoY) rise in net profit for 2024, reaching AED 17.1B (USD 4.6B).
In Q4 2024, FAB posted a net profit of AED 4.18B, also up 4% YoY. Both the full-year and quarterly results exceeded analysts’ expectations, with the FY 2024 profit surpassing the AED 16.2B estimate and Q4 results beating the AED 4B forecast, according to LSEG data.
Operating income surged 15% YoY to AED 31.6B, driven by an 8% rise in net interest income to AED 19.6B. The bank’s net interest margin widened 13 basis points to 1.93%, the highest in a year. Non-interest income grew 29% YoY to AED 12B.
Net impairment charges rose 27% YoY to AED 3.9B, reflecting higher provisioning. Total assets stood at AED 1.21T at the end of December, up 4% YoY, though 1% lower than the previous quarter.
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