It was another stellar year for First Abu Dhabi Bank (FAB), under the continued leadership of group chief executive Hana Al Rostamani.
FAB posted net profit for the full year 2023 of $4.5 billion, up 56% year on year, on total revenues of $7.5 billion. The bank’s return on assets inched up to 1.4%, with margins also ticking up, and its return on tangible common equity also rising, from 15.7% in 2022 to 17.6% a year later.
FAB’s cost-to-income ratio fell sharply in 2023, coming in at 25.9%, against 31.6% in 2022. Operating income rose across the board, led by investment banking and corporate banking. It ranked number one in equity capital market and initial public offering deal volume in the full year 2023, according to data from Dealogic.
It was a year of firsts for the Abu Dhabi-based lender, the country’s largest lender by assets, and a key finance and trade gateway to the Middle East and North Africa.