UAE's biggest lender FAB posts record profit but shares fall | Reuters
First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' biggest lender, posted a record net profit in 2021, fuelled by the country's economic recovery from the height of the COVID-19 pandemic.
Shares fell more than 3% however after the bank said it would pay a lower dividend this year than last, split for the first time into cash and shares.
Chief Executive Hana Al Rostamani said the investment banking business had had "an exceptional year". Earnings were helped by a 59% jump in non-interest income from a year earlier, driven by gains in investment banking and trading.
FAB reported a net profit of 12.53 billion dirhams ($3.41 billion) last year, up about 19% from 10.55 billion dirhams in 2020. According to Refinitiv Eikon data, the UAE lender was expected to report an annual net profit of 12 billion dirhams.
No comments:
Post a Comment