Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank on Tuesday reported a group net profit of Dh10.6 billion for year ended December 31, 2020, compared to Dh12.5 billion in the same period in 2019.
Profitability was lower year-on-year reflecting unprecedented market conditions, record low interest rates and the pandemic-driven economic slowdown, resulting in lower revenue and higher impairment charges, partly mitigated by cost optimisation initiatives, FAB said in a statement.
“Against the turbulent and uncertain backdrop of 2020, FAB showcased strength, resilience and adaptability while supporting our customers, employees and communities in navigating unprecedented times and focusing on the long-term sustainability of our bank,” said Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB.
DUBAI: Emirati telecom operators Etisalat and du have raised the ownership limit of foreign nationals to 49 percent.
The announcement followed two simultaneous regulatory filings with the Abu Dhabi Securities Exchange and Dubai Financial Market, where the companies’ shares are traded.
Etisalat announced that its board of directors had agreed to increase the foreign ownership of the company’s shares from 20 percent to 49 percent.
However, Etisalat indicated that a higher cap on foreign ownership would require amending some provisions of the federal law concerning the Emirates Telecommunications Corporation, as well as the company’s articles of association.
This requires the approval of Etisalat Group’s general assembly and the relevant authorities.
SHARE
Shares of Etisalat and Emirates Integrated Telecommunications Company, also known as du, jumped more than 14 per cent after the telecommunications operators said they are considering an increase in the foreign ownership limit in their stocks.
Etisalat, the biggest telecoms company in the UAE, soared 14.9 per cent to Dh20.80 per share at close on Tuesday, boosting the Abu Dhabi Securities Exchange general index by 3.14 per cent.
Du s shares surged 14.6 per cent to Dh6.69, lifting the Dubai Financial Market General Index by 1 per cent.
Du s board will meet on January 20 “to consider the increase in the ownership percentage of non-UAE citizens in the company’s shares”, it said in a regulatory filing.
It looks like this was the result of either:
A mistyped address
A broken link on our site
A broken link on a search engine results page
A broken link on someone else s page
Some things to try:
Use the navigation menu at the top Most Read