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