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MarketScreener Homepage  >  Equities  >  Abu Dhabi Securities Exchange  >  First Abu Dhabi Bank P.J.S.C.    FAB   AEN000101016

FIRST ABU DHABI BANK P.J.S.C.

(FAB)
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First Abu Dhabi Bank profit drops 25% as impairments jump

07/28/2020 | 09:56am EST

DUBAI, July 28 (Reuters) - First Abu Dhabi Bank (FAB), the United Arab Emirates' biggest lender, reported a 25% fall in quarterly profit on Tuesday, dragged down by another quarter of higher impairment charges.

Banks in the region have been hit by the twin shock of the coronavirus pandemic and lower oil price, with most seeing their profits plunge in the second quarter as they book higher provisions for expected credit losses.

FAB's second-quarter net profit was 2.41 billion dirhams ($656 million) versus 3.22 billion dirhams a year earlier. It was flat compared with the first quarter.

Net impairment charges jumped 127% in the quarter to 1.06 billion dirhams from 467 million dirhams a year ago. In the first quarter, net impairment charges were 738 million dirhams, 81% higher year-on-year.

"In the context of a challenging and uncertain environment, we continued to build our provision buffers, leading to a substantial increase in impairment charges, while our high-quality portfolio and conservative asset mix are key differentiators," James Burdett, FAB's group chief financial officer, said in a statement.

FAB's cost of risk spiked to 108 basis points (bps) from 70 bps in the previous quarter and 49 bps a year ago.

Its capital adequacy ratio fell slightly to 16.4% from 16.9% a year ago. Its non-performing loans ratio edged up to 3.9% from 3.5% in the first quarter and from 3.1% last year.

The bank provided relief measures to customers in the second quarter in the form of payment deferrals on interest and principal worth over 8 billion dirhams, it said in the statement.

($1 = 3.6728 UAE dirham) (Reporting by Yousef Saba; Editing by Edmund Blair and Mark Potter)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / DIRHAM (EUR/AED) -0.05% 4.4641 Delayed Quote.-0.58%
FIRST ABU DHABI BANK P.J.S.C. -0.27% 14.92 End-of-day quote.15.66%
LONDON BRENT OIL 0.04% 56.08 Delayed Quote.7.08%
US DOLLAR / DIRHAM (USD/AED) 0.00% 3.6728 Delayed Quote.0.00%
WTI 0.06% 52.785 Delayed Quote.8.49%
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Financials
Sales 2020 18 301 M 4 983 M 4 983 M
Net income 2020 9 421 M 2 565 M 2 565 M
Net Debt 2020 - - -
P/E ratio 2020 16,9x
Yield 2020 3,93%
Capitalization 160 B 43 508 M 43 512 M
Capi. / Sales 2020 8,73x
Capi. / Sales 2021 8,36x
Nbr of Employees 5 451
Free-Float 66,6%
Chart FIRST ABU DHABI BANK P.J.S.C.
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First Abu Dhabi Bank P.J.S.C. Technical Analysis Chart | FAB | AEN000101016 | MarketScreener
Technical analysis trends FIRST ABU DHABI BANK P.J.S.C.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 12,58 AED
Last Close Price 14,66 AED
Spread / Highest target -7,91%
Spread / Average Target -14,2%
Spread / Lowest Target -18,1%
EPS Revisions
Managers and Directors
NameTitle
André Sayegh Group Chief Executive Officer
Tahnoun bin Zayed bin Sultan Al-Nahyan Chairman
James Burdett Group Chief Financial Officer
Ahmed Mohamed Sultan Al-Dhaheri Director
Khalifa Sultan Ahmed Sultan Al-Suwaidi Director