Middle East’s best bank 2022: First Abu Dhabi Bank
It has been a busy few years for First Abu Dhabi Bank (FAB). A change at the top of the institution last year saw Hana Al Rostamani ascend to the position of group chief executive, the first woman to lead the bank.
The UAE’s largest bank posted net profit of Dh12.54 billion ($3.41 billion) in 2021, up 18.9% year on year. Total assets topped Dh1 trillion for the first time, with return on tangible equity rising 2.1 percentage points to 15.1%, the cost-to-income ratio declining to 26.4% and total revenues up 16.7% to Dh21.68 billion.
The outperformance continued into the current year. The bank posted net profit of Dh5.1 billion in the first three months of 2022, up 107% on the same period a year ago. That marks the best quarterly performance in earning terms in its history. Against its chief rivals, FAB posted better earnings, a lower rate of soured loans and a higher RoE.