DUBAI: First Abu Dhabi Bank, UAE’s biggest lender, on Tuesday posted a 16% drop in 2020 net profit on higher impairment charges as the economy suffered from the coronavirus pandemic.
The bank also said its Chief Executive Andre Sayegh will be retiring next month and named Hana al-Rostamani, currently deputy group CEO, as the new chief executive.
Sayegh came from First Gulf Bank, which merged with NBAD in 2017 to become UAE’s biggest lender, spending a combined 21 years with FAB and FGB.
FAB said its underlying operating performance is expected to improve in 2021, driven by a healthy pipeline of business from government and state-linked companies, and by its latest acquisition in Egypt.
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