FAB reports group net profit of Dhs5.1 billion in Q1, 2022.
The Abu Dhabi Department of Economic Development (ADDED) has signed an agreement with First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CBD), and Abu Dhabi Islamic Bank (ADIB) to provide “easy payment plan” service, enabling credit card holders issued by these banks to pay the charges for the services provided by ADDED in instalments ranging from 3 to 12 months.
ADDED’s recent initiatives to enhance the business ecosystem included a reduction of requirements to set up business by 71.3 per cent, and fees to issue and renew licences were reduced by over 94 per cent as part of “Investor Journey” programme. It aims to improve the ease of doing business and strengthen Abu Dhabi’s status as a preferred global destination for business and investments.
Ibrahim Al Mosa, Executive Director of Corporate Support Services Sector at ADDED, said, “We are committed to providing the best conditions for our customers and business community in Abu Dhabi. We have signed these agreements with leading UAE banks and will enlarge the base of banks providing this service.”
“Liquidity management is very important to businesses and easy payment plans provide a good opportunity to business owners, particularly micro and small enterprises, to settle fees of commercial and industrial licences and other ADDED’s services in instalments,” Al Mosa added.
The easy payment plan enables ADDED’s customers to pay fees of issuing and renewing commercial and industrial licences and other services by credit cards in ADDED centres or digital channels and then dividing them into instalments ranging from 3 to 12 months with a minimum value of Dhs1,000.
FAB reports profit: First Abu Dhabi Bank (FAB) has reported its financial results for the three-month period ended March 31, 2022. The Group produced a strong set of results with a net profit of Dhs5.1 billion, up 107 per cent from Dhs2.5 billion in the first quarter of 2021.
The results represent the highest quarterly net profit in the bank’s history, according to financial results released on Thursday.
The bank’s total income reached Dhs7.3 billion and includes an Dhs2.8 billion net gain on the disposal of majority stake in payments business Magnati.
Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions and the positive contribution from Bank Audi Egypt, helping offset lower trading and investment income.
Operating expenses were up year-on-year on the back of ongoing investments in digital and strategic initiatives and the inclusion of Bank Audi Egypt from Q2, 2021. The Group demonstrates strong fundamentals across asset quality, liquidity, funding and capital metrics. Annualised Earnings Per Share (EPS) stands at Dhs1.84, up 113 per cent compared to the first quarter of 2021.