First Abu Dhabi Bank’s Q2 net profit falls 4%

First Abu Dhabi Bank (FAB), the largest lender in the United Arab Emirates, posted a net profit of AED 2.56 billion, down 4 percent year-on-year (YoY) reflecting slower business momentum.

Group net profit for the first half of 2017 stood at AED 5.49 billion, up 4 percent YoY. The annualized earnings per share were AED 0.97, the Abu Dhabi-listed bank said in a statement.

Revenues for H1 were AED 9.85 billion, compared to AED 9.73 billion in the first half of 2016.

Bank’s total assets stood at AED 625 billion; loans and advances were at AED 321 billion; and customer deposits amounted to AED 377 billion.

FAB said it maintains strong liquidity position with loans-to-deposit ratio of 85 percent and liquidity coverage ratio (LCR) “well above the glide path as defined by Basel III norms.”

This is the first combined financial statement since First Gulf Bank and National Bank of Abu Dhabi merged to form FAB.