First Abu Dhabi Bank (FAB) records exceptional performance in 2023

FAB reports substantial revenue and net profit rise in the first nine months of 2023.

First, Abu Dhabi Bank (FAB) has reported exceptional financial performance for the first nine months of 2023, achieving remarkable growth and profitability.

Record Net Profit

FAB disclosed a net profit of AED 12.4 billion ($3.4 billion) for the period, marking a substantial 58 percent year-on-year increase on an underlying basis. 

This figure excludes gains related to Magnati in the previous year, highlighting the bank’s significant profit growth.

Impressive Revenue Growth

The bank’s revenue for the period stood at AED 20.5 billion ($5.6 billion), reflecting a notable 38 percent year-on-year increase. 

This robust financial performance underscores FAB’s effective and sustained execution of its growth strategy.

FAB’s outstanding results affirm its strong position in the financial sector and its ability to achieve substantial growth and profitability in a dynamic economic landscape.