 |
| Image: ITP Media Group |
First Abu Dhabi Bank (FAB), the UAE's largest lender, has reported net profits of AED2.5 billion ($682 million) for the third quarter of 2020, up 4 percent on Q2 but down 19 percent on a year-earlier.
Net profit for the first nine months of 2020 stood at AED7.3 billion, 22 percent lower compared to the same period in 2019, mainly due to higher impairment charges and softer revenue but partly mitigated by cost optimisation, the bank said in a statement carried by state news agency WAM.
André Sayegh, group CEO, FAB, said: "FAB delivered a resilient performance in the first nine months of 2020, successfully managing key risks in the face of unprecedented economic and market conditions.
"With total assets almost reaching the AED1 trillion mark as of September-end 2020, our robust foundation enabled us to continue to support our clients, and to benefit from the gradual rebound in economic activity and market sentiment."
"With total assets almost reaching the AED1 trillion mark as of September-end 2020, our robust foundation enabled us to continue to support our clients, and to benefit from the gradual rebound in economic activity and market sentiment."
No comments:
Post a Comment