ABU DHABI 20 April 2017: The National Bank of Abu Dhabi and First Gulf Bank reported Dh2.93 billion in net profits for the 1st quarter of 2017, a 12.4 per cent growth from Dh2.60 billion over the same period last year.
The positive results are attributed to a robust operational performance and increasing investments yields in addition to a successful risk mitigation and cost optimisation policy, said Abdul Hamid Saeed, who has been appointed NBAD Group Chief Executive Officer, after the merger of the two banks that has led to the creation of the region’s largest banking entity.
“After the merger, the First Abu Dhabi Bank, is forging ahead with its strategic objectives with a higher level of confidence thanks to the solid foundation the bank is based on. The distinguished results achieved by the end of the first quarter of 2017 are a new testament to the success of the merging process,” he added.
Several successes have been made since the merger has materialised , especially that the new bank has combined the best potential, resources and capabilities of the two banks and optimally utilised the strengths that used to be boasted by them, which ultimately served the best interests of our shareholders, clients and staffs, he added.
The positive deliverables achieved in the first quarter of the year are attributable as well to the remarkable increase in the bank’s assets and liquidity thanks to its powerful financial position.
He highlighted the positive AA; Aa2; and AA ratings affirmed by Fitch Group, Moody’s and Standard & Poor’s respectively as another achievement added to the bank’s track record that reflects its resilience and adaptability to changing market conditions.
By Rajive Singh