AIRLINK 64.91 Increased By ▲ 2.71 (4.36%)
BOP 6.15 Decreased By ▼ -0.08 (-1.28%)
CNERGY 5.00 Increased By ▲ 0.01 (0.2%)
DFML 15.00 Increased By ▲ 0.10 (0.67%)
DGKC 67.30 Decreased By ▼ -1.69 (-2.45%)
FCCL 17.50 Decreased By ▼ -0.23 (-1.3%)
FFBL 25.00 Increased By ▲ 0.40 (1.63%)
FFL 9.24 Increased By ▲ 0.03 (0.33%)
GGL 10.27 Increased By ▲ 0.37 (3.74%)
HBL 109.37 Increased By ▲ 0.87 (0.8%)
HUBC 117.30 Increased By ▲ 0.80 (0.69%)
HUMNL 6.70 No Change ▼ 0.00 (0%)
KEL 4.38 Decreased By ▼ -0.08 (-1.79%)
KOSM 4.67 Decreased By ▼ -0.05 (-1.06%)
MLCF 35.89 Decreased By ▼ -1.01 (-2.74%)
OGDC 122.99 Decreased By ▼ -0.31 (-0.25%)
PAEL 23.21 Increased By ▲ 0.77 (3.43%)
PIAA 23.89 Increased By ▲ 1.67 (7.52%)
PIBTL 5.74 Decreased By ▼ -0.01 (-0.17%)
PPL 110.59 Decreased By ▼ -0.31 (-0.28%)
PRL 27.68 Increased By ▲ 0.11 (0.4%)
PTC 15.25 Increased By ▲ 1.06 (7.47%)
SEARL 53.44 Increased By ▲ 0.19 (0.36%)
SNGP 63.48 Decreased By ▼ -0.27 (-0.42%)
SSGC 10.90 Decreased By ▼ -0.10 (-0.91%)
TELE 9.28 Increased By ▲ 0.33 (3.69%)
TPLP 10.91 Increased By ▲ 0.18 (1.68%)
TRG 71.90 Increased By ▲ 1.60 (2.28%)
UNITY 24.60 Increased By ▲ 0.40 (1.65%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
BR100 6,766 Increased By 68.2 (1.02%)
BR30 22,697 Increased By 79.2 (0.35%)
KSE100 65,572 Increased By 681.4 (1.05%)
KSE30 21,758 Increased By 222.3 (1.03%)

ABU DHABI: The UAE’s largest bank, First Abu Dhabi Bank, announced Thursday it scooped record annual net profit of $3.4 billion in 2021, a 19 percent increase over the previous year. The FAB Group, based in the United Arab Emirates capital, recorded profit of 12.5 billion dirhams, up from 10.6 billion dirhams in 2020, the bank said.

Total assets exceeded a “historic” high of one trillion dirhams ($272.4 billion), FAB said.

“This performance reflects positive underlying trends across core businesses in a year of economic rebound and expansion,” it said, despite “headwinds from low interest rates”.

On Wednesday, Dubai’s largest bank, Emirates NBD, announced that its net profit jumped in 2021, as the economy of the Gulf city state also rebounded following a slump due to Covid.

The bank said its net profit rose 34 percent to $2.5 billion, from $1.9 billion in 2020.

It said higher retail volumes had offset the impact of low interest rates.

The UAE’s central bank said in 2020 that it had doubled to $70 billion a stimulus package aimed at supporting the Emirati economy and domestic banks in the face of Covid-19.

Comments

Comments are closed.