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MANAGEMENT DISCUSSION & ANALYSIS REPORT
FOR THE FIRST QUARTER ENDED
31 MARCH 2023
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FAB
First Abu Dhabi BankFAB Reports a Strong Start to 2023:
Growth Strategy Delivers Superior Returns,
with a Group Net Profit of AED 3.9 Billion in the First Quarter
Key Highlights
• Strong start to 2023 with Group operating income of AED 6.7 billion, up 14% sequentially and 51% year-on-year,
driven by sustained momentum across all business segments, and enhanced income generation across products and
geographies
• Group Net Profit of AED 3.9 Billion, up 60% sequentially and 70% year-on-year excluding Magnati-related gains
booked in the first quarter of 2022
• Return on Tangible Equity (RoTE) improves to 18.5%, driving strong capital accretion with March-end 2023 Group
CET1 at 13.2%
• Solid balance sheet fundamentals across all key metrics, with AED 80 Billion customer deposit inflows during the
quarter, underlining franchise strength and our superior credit rating of AA- or equivalent as one of the safest banks
in the world
• First quarter 2023 results underline solid progress against our growth strategy as the regional financial institution of
choice, powering cross-border trade, economic growth and the transition to a low-carbon future, while emphasising
our firm commitment to deliver superior and sustainable shareholder returns.
Q1’23 Key Performance Indicators1
Return on Return on Cost/Income Ratio Liquidity Coverage CET1
Tangible Equity Risk-weighted Assets Ratio
18.5% 2.8% 25.1% 151% 13.2%
High double-digit earnings growth driven by sustained business activity, benefits from
higher interest rates, and enhanced income generation across a diversified franchise
• Operating income at AED 6.7 Billion, up 51% yoy driven by strong growth in both net interest and non-interest income
• Net Profit at AED 3.9 Billion, up 60% sequentially, translating to an annualised Return on Tangible Equity (RoTE) of 18.5%
• Q1’23 Net Profit up 70% yoy excluding AED 2.8 Billion Magnati-related gains in Q1’22
• Cost-to-income ratio at 25.1%, compared to 33.2% in Q1’22
• Impairment charges (net) at AED 798 Million, implying an annualised cost of risk of 62 bps
Highest quarterly net profit1 and strong growth trajectory consolidating FAB’s status as a regional banking powerhouse
(in AED Billion)
Magnati-related gains
2.81 +60%
3.85 3.93
3.23 3.32 0.29 QoQ
2.88 2.92
2.41 2.41 2.51 2.48 2.31 2.62 2.46
+70%
YoY1
Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23
1 Excluding Magnati-related capital gains in 2022
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT
2Solid balance sheet fundamentals supported by a strong liquidity position and healthy
loan growth
• Loans, advances and Islamic financing at AED 473 Billion, up 3% qoq and 9% yoy
• Customer deposits at AED 781 Billion, up 11% qoq and 30% yoy; record CASA balances at AED 316 Billion, up 6% qoq
• Liquidity Coverage Ratio (LCR) at 151% underlines robust liquidity and funding profile
• NPL ratio stable at 3.8% with a provision coverage of 101%
• Common Equity Tier 1 (CET1) strengthened by 57bps qoq to 13.2%, driven by earnings generation and continued RWA
optimisation
Strong business and commercial momentum, resulting in market-leading growth across assets and
liabilities, with ample capacity to continue to support our clients’ investments and growth plans. The
Group is in a strong position to pursue our growth journey and to continue to drive superior and
sustainable shareholder returns.
TOTAL ASSETS LOANS & ADVANCES CUSTOMER DEPOSITS
AED 1.2 Trillion AED 473 Billion AED 781 Billion
(USD 323 Billion) (USD 129 Billion) (USD 213 Billion)
↑ 21% YoY ↑ 9% YoY ↑ 30% YoY
FAB is a leading force in the regional banking sector and our international franchise contribution is
growing in line with our long-standing growth strategy. We are realising our full potential as the driving
force in the region’s economic growth, a global partner for investment and corporate clients, and the
most trusted bank for consumers in our largest markets at home and abroad.
INTERNATIONAL OPERATING INTERNATIONAL PROFITS INTERNATIONAL CUSTOMER
INCOME AFTER TAXES DEPOSITS
23% of Group Operating Income 19% of Group Profit after Tax 25% of Group deposits
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT
3J
HANA AL ROSTAMANI
GROUP CHIEF EXECUTIVE OFFICER
2023 is off to a strong start with the Group delivering an operating income of AED 6.7 Billion, a 60% growth in net profit
sequentially to AED 3.9 Billion and a return on tangible equity of 18.5% driving strong capital accretion in the first quarter.
Building on a record year in 2022 and prudent actions taken in the fourth quarter of last year, the notable improvement
across these metrics was driven by sustained momentum across all business segments and product lines, cost and risk
discipline, and our proven ability to navigate evolving market conditions. The enhanced contribution from our international
operations further demonstrates the strength of our diversified franchise and solid delivery against our growth strategy.
Amid turbulence in the global banking industry, the Group continues to operate on a sound balance sheet foundation,
including a solid capital position and a very strong liquidity profile. In the first quarter alone, we attracted AED 80 Billion in
customer deposits, emphasising the depth of our relationships, and our superior credit ratings of AA- or equivalent as one
of the safest banks worldwide.
During the period, we remained focused on meeting our clients’ evolving needs, across all segments. Using our scale,
specialisation, partnerships, and the transformative power of technology, we are building a bank fit for the future, centred
around our customers. We expanded our product offerings and grew our reach in strategic markets, while maintaining the
highest standards of risk management, compliance and corporate governance. At the same time, we are investing in key
areas to sustain our competitive advantage including talent and technology.
Building on our strong ESG profile, we are also very pleased to have made significant progress towards our Net Zero journey
by setting carbon emission reduction targets across the highest emitting sectors in our portfolio, hence becoming the first
MENA bank to do so.
These achievements are clear indicators of the progress we have made in delivering our growth strategy, which was further
underlined this quarter as we were named the most valuable banking brand in the UAE by Brand Finance.
The Group is uniquely positioned to navigate uncertain times, drive sustainable growth and shape the future of banking in
the UAE and the broader region. I am excited by the opportunities that lie ahead as we continue to power economic progress
as our clients’ most trusted partner and regional financial institution of choice.
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT
4Q1’23 SUMMARY FINANCIALS
Income statement - summary (AED Mn) Q1'23 Q4'22 QoQ % Q1'22 YoY %
Net interest income 4,427 4,209 5 3,135 41
Non-interest income 2,303 1,703 35 1,323 74
Operating income 6,730 5,911 14 4,458 51
Gain on Magnati stake sale
- - na 2,805 na
(incl fair valuation of retained interest)
Total Income 6,730 5,911 14 7,264 (7)
Operating expenses (1,688) (2,000) (16) (1,515) 11
Operating profit 5,043 3,911 29 5,749 (12)
Impairment charges, net (798) (1,106) (28) (457) 74
Non-controlling interests and taxes (315) (343) (8) (171) 85
Net Profit 3,929 2,462 60 5,120 (23)
Net Profit - excluding Magnati-related capital gains 3,929 2,462 60 2,315 70
Basic Earnings per Share (AED) 0.34 0.22 54 0.20 68
Balance sheet - summary (AED Bn) Mar'23 Dec'22 QoQ % Mar'22 YoY%
Loans, advances & Islamic financing 473 460 3 433 9
Investments 209 206 2 191 9
Customer deposits 781 701 11 600 30
CASA (deposits) 316 297 6 310 2
Total assets 1,185 1,110 7 982 21
Equity (incl Tier 1 capital notes) 112 115 (3) 111 1
Tangible equity 81 84 (3) 80 2
Risk-weighted assets 568 572 (1) 583 (3)
QoQ YoY
Key Ratios (%) Q1'23 Q4'22 Q1'22
(bps) (bps)
Net interest margin (NIM) 1.65 1.63 2 1.54 11
Cost-income ratio 25.1 33.4 (833) 33.2 (815)
Cost of risk (bps)
62 86 (24) 42 19
(loans, advances & Islamic financing)
Non-performing loans ratio 3.8 3.9 (12) 3.8 0
Provision coverage 101 98 299 102 (32)
Liquidity coverage ratio (LCR) 151 154 (225) 120 large
Return on tangible equity (RoTE) 18.5 11.1 745 11.3 720
Return on risk-weighted assets (RoRWA) 2.8 1.7 111 1.6 118
CET1 ratio 13.2 12.6 57 13.0 20
Capital adequacy ratio 16.2 15.6 58 15.9 26
Notes:
• Basic EPS, RoTE, RoRWA and Cost-income ratios for 2022 exclude Magnati-related capital gains in 2022
• Comparative figures have been reclassified where appropriate to conform to the presentation and accounting policies adopted in the consolidated financial statements
• Ratios for the quarter are annualised, where applicable, except for Basic EPS
• For further details on calculation of the ratios, please see the Quarterly Series on FAB IR website’s financial reports page
• To view key figures in USD, please refer to: bankfab.com > investor relations > reports & presentations > key quarterly figures
• Rounding differences may appear in above table
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 5ECONOMIC OVERVIEW
The first quarter of 2023 saw a surge in global risk assets, despite turbulence in the global banking industry. The Federal Reserve
raised rates twice during the quarter, following which expectations of further tightening have receded and treasury yields have
declined. Meanwhile, the GCC region, with most members holding their PMI’s firmly above 50 since late 2020, saw continued
strength and resilience. In contrast, Egypt’s macro narrative remained fragile, with core CPI near a historic high and EGP
weakening further.
On the oil outlook, tighter credit conditions could lead to a fresh headwind to the global economy and overall oil demand. Our
forecasts have been adjusted accordingly, with Brent expected to average USD 89 per barrel this year compared to an original
target of USD 93 per barrel.
For the UAE, GDP growth is forecasted to be around 5% on average in 2023, down from over 7% in 2022, with the non-oil sector
growing by 4.5%, compared to 6.6% in 2022. Growth is expected to remain solid in 2024, with real GDP growth of just over 4.0%
on average.
Despite the global headwinds, to which the GCC will not be immune, we expect the economies of the UAE and KSA to remain
robust as the region continues to focus on economic growth and diversification.
INCOME STATEMENT
Operating income (AED Mn) Q1'23 Q4'22 QoQ % Q1'22 YoY %
Net interest income 4,427 4,209 5 3,135 4 1
Non-interest income 2,303 1,703 35 1,323 74
Fees & commissions, net 784 682 1 5 775 1
FX and investment income, net 1,452 1,441 1 465 212
Other non-interest income 67 (421) na 83 (19)
Operating income 6,730 5,911 14 4,458 5 1
• Operating income for the first quarter ended 31 March 2023 (Q1’23) was AED 6.7 Billion, up 14% sequentially and 51% yoy,
underlining strong revenue momentum through diversified income streams, and benefits from higher interest rates.
• Net Interest Income (including Islamic financing income) (NII) was AED 4.4 Billion in Q1’23, up 5% sequentially and 41% yoy,
driven by robust business volumes and margin improvements from effective balance sheet positioning in a higher rate
environment.
• Net Interest Margin (NIM) improved by 11bps to 1.65% emphasising the benefits from higher interest rates. This was partially
offset by the dilutive impact of the significant increase in cash and central bank placements as the Group’s liquidity is
efficiently deployed.
• Non-interest income recorded a strong growth of 74% yoy on the back of increased client flow, significantly higher FX gains
and a healthy sales and trading performance in Global Markets. Although marginally up yoy, fees & commissions, net (F&C)
grew 15% sequentially reflecting strong deal execution in Global Corporate Finance and an uptick in cash management and
trade-related fees in Global Transaction Banking.
• Operating expenses (Opex) were up by 11% yoy to AED 1.7 Billion demonstrating continued investments in talent and
strategic initiatives to support business growth, partially offset by efficiency savings. Sequentially, Opex decreased by 16%
from a higher base in Q4’22 which included system write-offs.
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 6• Cost-to-income ratio (excluding Magnati-related capital gains) improved to 25.1% from 33.2% in the prior year period.
• Net impairment charges were AED 798 Million, lower qoq, translating to an annualised cost of risk (CoR), well within guidance,
at 62bps.
ASSET QUALITY
• The Group continued to present strong credit quality metrics, demonstrating a high quality portfolio and a prudent risk approach.
• Non-Performing Loans (NPL) were AED 18.5 Billion as of March-end 2023, stable qoq, implying a Group NPL ratio of 3.8%.
• Provision coverage strengthened to 101% with total ECL/ provisions2 increasing to AED 18.7 Billion compared to AED 18.2 Billion
at December-end 2022.
BALANCE SHEET TRENDS
• Total assets grew 7% sequentially and 21% year-on-year to AED 1.2 Trillion (USD 323 Billion) led by sizeable deposit inflows deployed
across loans and high-quality liquid assets.
• Loans, advances and Islamic financing (net) were AED 473 Billion, up 3% ytd, driven by strong pipeline execution, sustained
demand from our core clients, and growth in trade finance lending, partially offset by repayments.
• Customer deposits added AED 80 Billion (+11% ytd) to AED 781 Billion, with nearly half gathered from our international
franchise, underlining the Group’s superior credit ratings, and unique role as an aggregator of regional and international liquidity
• Current and Savings Accounts (CASA) balances grew further by 6% ytd to a record of AED 316 Billion, helped by new cash
management mandates as well as targeted initiatives to attract retail CASA.
• The Group’s liquidity position remained strong with March-end 2023 Liquidity Coverage Ratio (LCR) at 151%, comfortably in
excess of the Basel III minimum regulatory requirement of 100%.
• During Q1’23, FAB raised USD 1.1 Billion (equivalent) of senior wholesale funding at a competitive pricing, successfully
navigating volatile markets on the back of concerns around inflation, rates and turmoil in the banking sector. FAB opened the
Sukuk market globally with a USD 500 Million 5-year sukuk and printed a 5.25-year USD 600 Million conventional bond.
• Continuing to act as a pacesetter for sustainability and climate action, FAB remains a regional leader in the Green Bond market
with over USD 2.25 Billion of Green Bonds notional outstanding across 13 transactions and 5 currencies.
EQUITY, CAPITAL & RETURNS
• Total shareholders’ equity (including Tier 1 capital notes) stood at AED 112 Billion, down 3% sequentially, after distribution of
AED 5.7 Billion in dividends for the full year 2022.
• Basel III Common Equity Tier 1 (CET1) ratio strengthened to 13.2% as compared to 12.6% at December-end 2022, improving
57bps on the back of strong earnings generation and ongoing RWA (risk-weighted assets) optimisation initiatives. Capital
adequacy and Tier 1 capital ratios were 16.2% and 15.1% as of March-end 2023, versus 15.6% and 14.5% respectively as of
December-end 2022.
• Annualised Return on Tangible Equity (RoTE) improved to 18.5% from 11.3%1 the prior period, while annualised Return on
Risk-weighted Assets (RoRWA) stood at 2.8%.
2 ECL/Provisions are defined as ECL on loans, advances and Islamic financing + ECL on unfunded exposures + IFRS9 impairment reserves
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 7BUSINESS PERFORMANCE3
AED Mn Q1'23 Q4'22 QoQ % Q1'22 YoY %
Q1'23
Contr%
Operating income 6,730 5,911 14 4,458 51 100%
Operating income by business segment
Investment Banking (IB) 2,656 2,819 (6) 1,784 49 39%
Corporate & Commercial Banking (CCB) 1,683 1,516 11 1,012 66 25%
Consumer Banking (CB) * 803 835 (4) 897 (10) 12%
Global Private Banking (GPB) 274 271 1 239 15 4%
Head Office (HO) 1,314 470 180 526 150 20%
Operating income by geography
UAE 5,184 4,199 23 3,459 50 77%
International 1,546 1,712 (10) 1,000 55 23%
* excludes Magnati-related capital gains
INVESTMENT BANKING (IB)
• IB produced an outstanding performance in the first quarter of 2023 across all product lines, successfully navigating challenging
market conditions to deliver a 49% yoy growth in revenue to AED 2.7 Billion, representing 39% of FAB’s Q1’23 Group revenue.
• Strong deal pipeline execution across several areas (including M&A, IPOs, and debt offerings), higher interest rates, as well as
a strong sales and trading performance, and increased client flow activity, contributed to these results, cementing FAB’s position
as a preferred choice and trusted partner for government and institutional clients.
• Net loans grew 2% ytd, while customer deposits expanded 14% underlining a very strong liquidity position. CASA balances
grew by AED 20 Billion or 15% ytd to reach a record high of AED 153 Billion, helped by new client relationships, and over 50
new cash management mandates won during the period.
• Key highlights in Q1’23 include:
o Maintained leading position in MENA/GCC league tables including #1 rank as Bookrunner and #1 Loan Agent by volume
and number of deals
o Strategic partnership with the Ministry of Finance to launch the AED T-Sukuk program, to support liquidity management
within the UAE banking sector
o Successful on-boarding of Virtual Account management solutions for key clients
o Over USD 5 Billion equivalent of sustainable financing facilitated during the quarter, in line with Group ESG targets
o Strong growth momentum in Securities Services with new wins from regional sovereigns and international global
custodian banks.
o Talent pool strengthened with key hires and retention of top talent, bolstering our capabilities and expertise
o Recognised Best Investment Bank in UAE in 2023 by Global Finance, and Best Arranger of Middle Eastern Loans by Global
Capital in the Syndicated Loan Awards 2022
3 Integration of Bank Audi Egypt into FABMisr was completed in Q4’22. FABMisr is grouped under Head Office on an interim basis, whilst product and business segmentation is
aligned to the Group norms. Figures for prior periods have been re-stated or adjusted where appropriate for comparative purposes. Please refer to IR Quarterly Series for segmental
information on a quarterly basis since beginning of 2022.
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 8CORPORATE AND COMMERCIAL BANKING (CCB)
• CCB delivered another stellar performance in Q1’23 across all products and segments with double-digit growth in revenue and
profits, both sequentially and yoy.
• Operating income grew 11% sequentially and 66% yoy, primarily driven by strong growth in net interest income in Global
Transaction Banking benefitting from higher interest rates, as well as robust business volumes.
• With the business focussed on providing value-added services and enhancing cross-sales, non-interest income rose 37%
sequentially, driven by higher fee-generation on the back of increased lending and 125 new cash management mandates, and
as well as higher Global Market FX and derivative sales.
• Loans increased by 4% sequentially underlining continued demand from top-tier clients looking to execute their growth agenda,
while customer deposits were up 2% sequentially.
• Delivered new products and services:
o Launched and extended Supply Chain Finance and Receivable Finance through FABeSCF to Saudi Arabia
o Launched corporate cards in partnership with Magnati
o Recognised for expertise and innovation through 5 industry awards by Global Finance and EMEA Finance in Transaction
Banking including Best Trade Finance & Supply Chain Finance Providers 2023 and World’s Best Treasury & Cash Management
Banks 2023
CONSUMER BANKING (CB)
• Consumer Banking continued to deliver positive momentum in the first quarter of 2023, growing its customer franchise,
deepening relations with targeted customer segments, and creating new efficiencies through digitally enhanced operating
model.
• Building on the very strong momentum in 2022, customer deposits grew 10% ytd and 21% yoy, led by AED 5 Billion growth in
CASA deposits, buoyed by recent wave of new IPOs as well as strategic focus and deliberate actions to grow primary
relationships. Although net loans were broadly flat qoq, Islamic lending grew 20% yoy.
• Commercial momentum was strong with customer-initiated digital sales of CASA and credit cards increasing more than 140%
qoq and accounting for more than a third of total acquisitions.
• Co-branded credit card sales grew over 86%, leveraging recent strategic cards partnership with Majid Al-Futtaim Group
(SHARE) and Al-Futtaim Group (BLUE).
• Q1’23 Operating income was AED 0.8 Billion, lower sequentially and yoy, primarily due to lower net interest income partially
offset by solid growth in fees and commissions led by strong sales momentum and early benefits of increased process
digitisation.
• On the innovation and digitisation front, FAB developed various solutions for key customer segments and also witnessed
increased engagement across channels:
o Strengthened our credit card and payments proposition with the launch of FAB low-rate card and a new “Letsgo Payit
Card” offering customers one of the lowest lending rates on spending and seamless local and global payment options,
respectively
o Launched new servicing capabilities including AI chatbot and customer-RM (relationship manager) mobile communications
o More than 90% of transactions are performed through digital channels
GLOBAL PRIVATE BANKING (GPB)
• GPB delivered an operating income of AED 274 Million, up 1% sequentially and 15% yoy, driven by higher fee income on the
back of asset management fees and a strong momentum in IPOs which saw record client participation for ADNOC Gas and
Presight AI.
• While net flows were positive, Assets Under Management (AUM) were stable sequentially, mainly due to volatile market
conditions.
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 9• Customer deposits grew 10% sequentially, reflecting FAB’s superior credit profile and clients’ trust in the franchise, while loans
were stable.
• Other key highlights for the quarter include:
o FAB MENA funds’ performance stood in the top quartile for Q1’23; all 6 UAE, GCC & MENA focused equity funds
outperformed their benchmarks
o FAB Thematic Rotation Fund completed its 1st year in March 2023 outperforming its peers and ranking in the first quartile
compared to funds with the same strategy
o Launched the Global Investment Outlook 2023 Report themed ‘Heading into a New Cycle” providing clients’ with detailed
insights and analysis by FAB’s team of economists and investment professionals
o To meet our clients’ needs for ESG-compliant investment opportunities, a new fund, namely FAB Sustainable World Fund
(ESG) is scheduled to be launched later this year
INTERNATIONAL OPERATIONS
• FAB’s international operations remain a key contributor to the Group’s liquidity with customer deposits increasing by 27% or
AED 41 Billion in a single quarter, and now represents 25% of Group’s total deposits. Net loans were broadly stable during the
quarter at AED 86 Billion4, and represent 18% of Group’s total loans.
• Operating income increased 55% year-on-year in Q1’23 to AED 1.5 Billion, driven by higher net interest income by 6% yoy,
demonstrating good business momentum, as well as significantly higher FX gains.
• Revenue from international operations represents 23% of Q1’23 Group revenue, with MENA contributing over 70%.
• Cost and risk discipline helped drive improvements in profit after taxes (PAT) of 93% sequentially and 359% yoy.
• Other key highlights in Q1’23:
o FAB was appointed as Joint Lead Manager and Joint Bookrunner by the Kingdom of Bahrain for their USD 2 Billion
144A/RegS dual-tranche offering consisting of a 7-year Sukuk and 12-year conventional bond. This was a first for FAB
Bahrain and also an achievement for FAB as the only non-Bahraini regional bank ever mandated by the Kingdom of Bahrain
for public bond and Sukuk offering
o FAB Hong Kong Bond Connect was launched to provide clients and investors the capability to invest in onshore China
outside the UAE Branch
o In line with the Group’s ESG agenda, a country level strategy is being formulated which will set the course for the
development of local transformation plan across the International network, ensuring alignment and governance with the
Group’s ESG strategy
o Launched the inaugural Global Mobility Program for Emiratis to take up short term assignments in different International
locations to groom and retain local talents, while creating a more diverse and inclusive workplace, in line with Group’s
commitment to support UAE’s Emiratisation strategy
Karim Karoui,
Group Head of Mergers & Acquisitions, and Interim Group Chief Financial Officer
4 Investment Banking has revised its reporting of customer loans based on where the client relationship is globally managed. This change is effective Q1’23 with the prior period figures for
2022 also restated for comparative purposes.
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 10ABOUT FIRST ABU DHABI BANK (FAB)
FAB is the UAE’s largest bank with an international network that spans five continents, providing global relationships, expertise
and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB
is consistently ranked one of the world’s largest, safest and most socially responsible banks. A global bank and regional banking
powerhouse, FAB is established in 20 markets from the Americas to Asia, and is known for consistently delivering results,
generating returns and creating value.
FAB is proactively shaping the future with purposeful action for sustainable growth. With total assets of AED 1.2 Trillion (USD
323 Billion) as of March-end 2023, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined
ratings of any bank in the MENA region. FAB was named the UAE’s most valuable banking brand in the 2023 Brand Finance
UAE 50 and Brand Finance Banking 500 rankings. The Bank has been ranked by Global Finance as the Safest Bank in the UAE
and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker’s Top 1000 World Banks 2021 rankings,
measured by Tier 1 capital, ranked FAB as #1 in the UAE, #3 in the Middle East and #91 across the globe. FAB is also a regional
sustainability leader (MSCI ESG rating of ‘A’), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
For further information, visit: www.bankfab.com.
For investor-related queries, please contact FAB Investor Relations team on ir@bankfab.com
Download FAB Investor Relations app on iOS or Android
Find us on social media via
@FABConnects @FAB First Abu Dhabi Bank
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 11RECENT ACCOLADES
Ranked 1st in UAE Ranked 1st in UAE Safest Bank in the
in Top 1000 World in Forbes Global UAE and the Middle
Banks 2000 list East
2022 2022 2022
The Banker Forbes Global Finance
Ranked 50th in UAE’s Most
Strongest Bank in World’s Most Valuable Banking
the UAE Socially Responsible Brand
Banks
2022 20 22 2023
The Asian Banker Newsweek Brand Finance
Disclaimer
The information contained herein has been prepared by First Abu Dhabi Bank P.J.S.C (“FAB”). FAB relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or
completeness.
This document has been prepared for information purposes only and is not and does not form part of any offer for sale or solicitation of any offer to subscribe for or purchase or sell any securities nor shall it
or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.
Some of the information in this document may contain projections or other forward-looking statements regarding future events or the future financial performance of FAB. These forward-looking
statements include all matters that are not historical facts. The inclusion of such forward-looking information shall not be regarded as a representation of FAB, or any other person involved in the objectives
or plans of FAB will be achieved. FAB undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.
___________________
Q1 '23 MANAGEMENT DISCUSSION & ANALYSIS REPORT 12

Sentiment: negative