First Abu Dhabi Bank (FAB)

by Forbes Middle East Forbes Middle East - Business News
FAB was created from the combination of the National Bank of Abu Dhabi and First Gulf Bank in April 2017, with the merger first announced in July 2016.
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Review on First Abu Dhabi Bank (FAB)

First Abu Dhabi Bank (FAB), the U.A.E.s largest bank, reported its profits fell by 3.5% in 2017, a regression it says was caused by costs related to its recent merger. For the year 2017, the bank took in $2.97 billion in profit, compared to $3.08 billion the year prior.
Excluding integration and merger-related costs of about $164 million, the banks adjusted profits for the year totaled $3.14 billion, broadly in line with 2016. It also reported revenues were 4% lower year-on-year, mainly reflecting softer market conditionsalthough that was also offset by lower impairment charges compared to 2016.

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Joined APSense since, December 7th, 2017, From Dubai, United Arab Emirates.

Created on Jan 31st 2018 01:21. Viewed 261 times.


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