The UAE banking sector is showing significant promise as another one of the nation’s leading banks furnishes revenue projections for H1-2024. Abu Dhabi’s FAB has recently announced net revenue earnings of AED 15.7 billion, with a net profit of AED 8.4 billion. Recent data and announcements from UAE’s leading banks spotlight a combined net profit of approximately AED 34 billion during H1-24.
Hana Al Rostamani, Group CEO at FAB, states, “Our [2024] outlook remains anchored in the strong fundamentals of the UAE and Abu Dhabi as a global economic powerhouse and preferred hub for investment, talent, and innovation.” The announcement reinforced key figures that drove FAB’s impressive profits to greater heights in 2024. Net interest income for the H1-24 period rose by 11% to AED 9.7 billion from AED 8.8 billion in 2023, pushed by consistent high interest schemes to boost growth. Additionally, a 26% increase in non-interest income resulted in AED 5.9 billion in H1-2024. According to Lars Kramer, Group CFO at FAB, these advancements’reflect our efforts to enhance cross-sell and deepen client relationships, leveraging our differentiated strengths and international footprint.”
A 20-bps rise in net interest margin (NIM) to 1.94% was also noted, which reflected the higher benchmark rates, disciplined pricing, and liquidity management FAB chose to focus on. In terms of fostering growth in the UAE’s stock market, FAB remains a central figure in facilitating IPOs across the emirates and “helped raise AED 7 billion in capital market transactions’ in the latest financial period.” “While lending momentum was healthy year-to-date, we have also benefited from incremental improvements in margins for the fourth consecutive quarter, reflecting dynamic balance-sheet management and optimal positioning ahead of a shift in interest rates,” added Kramer.
FAB’s HI figures for 2024 are a direct reflection of its continual dedication to “diversification, strategic partnerships, and enhanced customer experience and service delivery through innovation and future technologies,” according to Hana.
