FAB says will launch Saudi operations soon

First Abu Dhabi Bank, the largest bank in the United Arab Emirates, on Tuesday said it is making good progress to launch investment banking and personal banking operations in Saudi Arabia over the next few months.

In March, Saudi Arabia’s cabinet approved issuing a license to FAB to open three branches in the country.

The update was part of Abu Dhabi-listed lender’s Q2 2018 financial reports.

FAB reported a 19 percent rise in second-quarter profit at AED 3.1 billion.

“The group’s excellent performance was achieved on the back of healthy asset growth, and significantly lower risk and operating costs, as we continued to capitalize on solid asset quality and provision buffers, as well as substantial synergies realized from the merge,” Abdulhamid Saeed, Group CEO, said in a statement to Abu Dhabi bourse.

Profit for the first six month of 2018 stood at AED 6.1 billion, up 10 percent year-on-year.

Operating income came in at AED 9.8 billion, in line with the first half in 2017, the statement said.