by Amruth Sundarkumar | Jul 29, 2022 | Banks
Dubai’s Emirates NBD (EBND) reported net profits of AED 3.5bn ($953mn), up 42% YoY for Q2 on strong retail lending driven by an improving operating environment. Total income stood at AED 7.8bn ($2.1bn), up 47% YoY on improved loan mix and cheaper deposits with...
by Amruth Sundarkumar | Mar 10, 2022 | Banks
First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) strongly denied reports that they were in talks to merge their companies. Both the bank said that the report was “unsubstantiated” and “false”. ADCB said that it “categorically denies the false content of...
by Amruth Sundarkumar | Mar 1, 2022 | Banks
Brookfield Business Partners and its partners have agreed to buy a 60% stake in the payments business of First Abu Dhabi Bank (FAB), known as Magnati with a valuation of $1.15bn. Once completed, FAB will retain a 40% stake in Magnati and will continue its partnership...
by Amruth Sundarkumar | Dec 14, 2021 | Banks
First Abu Dhabi Bank – Egypt (FAB), in collaboration with the Central Bank of Egypt (CBE), is to complete its 100% acquisition of Bank Audi, according to Mohamed Fayed, CEO of FAB. Fayed believes that the deal will contribute to the strengthening of Egyptian...
by Amruth Sundarkumar | Oct 29, 2021 | Banks
UAE’s largest lender, First Abu Dhabi Bank (FAB) reported strong Q3 results with operating income up 49% YoY to AED 6.41bn ($1.75bn) driven largely by a 125% YoY jump in non-interest income to AED 3.27bn ($890mn). Operating profits came in at AED 4.82bn...
