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The UAE’s largest lender, First Abu Dhabi Bank’s (FAB), saw its net income grow 4.9% y-o-y to AED 4.5 bn in 3Q 2024 on the back of increased client activity,, according to its management discussion and analysis report and financial statements (pdf). FAB saw its operating income increase 17.5% y-o-y, reaching AED 8.2 bn, and its net interest income increase by 4.8% y-o-y to AED 4.4 bn during the quarter.
On a nine-month basis, the lender’s bottom line climbed 3.9% y-o-y to AED 12.9 bn. FAB booked AED 23.9 bn in operating income, up 16.5% in the first nine months, with strong growth in wholesale banking services. Investment banking revenues also grew by 22% y-o-y in this duration. Net interest income in the first three quarters rose 6.4% y-o-y to AED 13.1 bn.
What they said: This performance was driven by “increased client activity, sustained business momentum, and diversified sources of revenue growth,” CEO Hana Al Rostamani said in the. There was a strong demand for personal and wealth management services in particular. Expansion across FAB’s network also contributed to the growth, with the international franchise growing 33% y-o-y this quarter.
NATIONAL BANK OF UMM AL QAIWAIN-
National Bank of Umm Al Qaiwain’s (NBQ) net income fell 12.1% y-o-y to AED 114.6 mn in 3Q 2024, according to the bank’s financial statements (pdf). The lender’s net interest income and income from Islamic financing products rose 12.1% y-o-y during the quarter to AED 157.1 mn.
On a 9M basis, NBQ’s net income rose 3.8% y-o-y to AED 399.9 mn, while net interest income and income from Islamic financing products rose by 10.4% y-o-y to AED 493.8 mn.
Driving the growth: The bank attributed the performance to an “increase in operating income and effective cost optimization strategies,” according to an earnings release. NBQ also cited improvements in its loan and deposit portfolios as drivers of its income growth.
PALMS SPORTS-
International Holding Company sports management subsidiary Palms Sports reported a net income of AED 38.4 mn in 3Q, representing a 19.4% decline y-o-y, according to the company’s financial statement (pdf). The decline in net income came alongside higher finance costs incurred in 3Q of 2024 compared to 3Q 2023. Meanwhile, the company reported AED 257.9 mn in revenues in 3Q, representing a 49.7% increase y-o-y.
For 9M, the company reported a net income of AED 76.7 mn, representing a marginal 1% y-o-y decline. The company reported revenues of AED 769.9 mn, up 128.1% increase y-o-y.
UNITED ARAB BANK-
United Arab Bank recorded a net income of AED 73.7 mn, down 16.7% y-o-y, according to the bank’s financial statements (pdf). The bank’s net income before tax rose 12% y-o-y to AED 233 mn. Total operating income during the quarter fell 13% y-o-y to AED 151.7 mn.
The lender recorded a net income of 212.3 mn in 9M 2024, up 1.6% y-o-y. The bank booked AED 452 mn in total income for the nine month period, marking a nearly flat 1% y-o-y growth.
Looking ahead, the lender plans to continue investing in tech “that [enhances] customer experience, [drives] efficiency, and [supports] our long-term growth objectives,” CEO Shirish Bhide said in the bank’s earnings release (pdf).
