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First Abu Dhabi Bank Shares Rise Amid First-half Profit Growth

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First Abu Dhabi Bank Shares Rise Amid First-half Profit Growth

Shares in First Abu Dhabi Bank (ADX:FAB) rose Thursday after the United Arab Emirates' biggest bank by assets reported annual growth in first-half profit.

Net profit attributable to shareholders of the bank for the six months ended June 30 came in at 10.73 billion Emirati dirhams, up from 10.63 billion dirhams a year ago.

Total net interest income and income from Islamic financing and investing products rose to 11.48 billion dirhams from 10.09 billion dirhams. The bank attributed the 14% growth to business volumes and improved margins.

Meanwhile, net fee and commission income increased to 2.78 billion dirhams from 2.32 billion dirhams. Operating income came in at 19.50 billion dirhams, up from 18.31 billion dirhams.

Loans and advances rose 7% year to date to 661 billion dirhams, while customer deposits grew 1% over the period to 853 billion dirhams.

The bank's shares rose over 5% as of midday in Abu Dhabi.

"These results reflect the strength of our client base and the trusted relationships we have built across our home market and international network," said Group Chief Executive Officer Hana Al Rostamani. "Our continued focus on disciplined execution and targeted investments in AI capabilities has enabled us to sustain growth momentum and further reinforce our position as the UAE's global bank."

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