First Abu Dhabi Bank, the UAE’s largest lender by assets, reported a slide in first quarter net profit as it took "prudent" provisions amid challenging market conditions, but said its balance sheet remained strong.
The bank’s net profit in the first three months of 2020 was down 22 per cent to Dh2.4 billion due to higher provisioning while operating income fell 8 per cent year-on-year to Dh4.6bn, FAB said in a statement on Monday.
Total assets, valued at Dh835bn, were up 14 per cent from last year while loans and advances rose 6 per cent during the first quarter to Dh382bn.
“FAB delivered a resilient performance in the first quarter of 2020 in an unprecedented and challenging market environment,” André Sayegh, group chief executive of FAB, said.
“Despite market headwinds, we have maintained a robust balance sheet and our capital, liquidity and funding position remain strong. This enables us to attract liquidity across our global network, underlining a flight to safety benefitting FAB in the current environment. In addition to being a major supporter to the private sector in the UAE, we continue to work closely with the UAE government and other public sector entities in the financial domain to support the economy in all respects.”
FAB pointed to a liquidity coverage ratio of at 110 per cent at the end of the quarter as a sign of its asset strength.
Customer deposits rose 15 per cent to Dh497bn with current and savings account balances increasing by 12 per cent to Dh181bn.
FAB, formed through the merger of National Bank of Abu Dhabi and First Gulf Bank in 2017, is at the forefront of Abu Dhabi’s economic development efforts.
It is one of three major banks in the capital facilitating an SME credit guarantee scheme where the Abu Dhabi government is guaranteeing up to 80 per cent of loans extended to small and medium-sized enterprises. It is also extending help to individuals and business affected by Covid-19 through loan deferrals, as well as reductions on various charges and fees.
The bank's own response to the pandemic was also swift, with a business continuity plan put in place in a "prompt and timely manner", Mr Al Sayegh said.
"I am proud to say that our staff adapted very quickly to a new operating environment, which enabled us to deliver uninterrupted banking services to our customers and stakeholders," he added.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
More on animal trafficking
Episode list:
Ep1: A recovery like no other- the unevenness of the economic recovery
Ep2: PCR and jobs - the future of work - new trends and challenges
Ep3: The recovery and global trade disruptions - globalisation post-pandemic
Ep4: Inflation- services and goods - debt risks
Ep5: Travel and tourism
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
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How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
