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Wednesday, 5 April 2017

Shares in First Abu Dhabi Bank surge | The National

Shares in First Abu Dhabi Bank surge | The National:

"Shares in the merged National Bank of Abu Dhabi and FGB – now known as First Abu Dhabi Bank – jumped on Wednesday as investors welcomed its forecast of higher profitability and a doubling of cost savings. The bank said in an investor presentation published on its website that cost synergies are forecast at Dh1 billion, twice the initial estimate of Dh500 million. They would occur over a period of three years and would be driven by a reduction in branches and headcount. At the same time, the bank said it was targeting a higher-than-expected return on equity, a measure of profitability, of 16 to 17 per cent by 2020."

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