First Abu Dhabi Bank Share Deals Hit $3.6 Billion in 10 Months

A total of Dh13.2 billion worth of purchase and sales transactions in shares of First Abu Dhabi Bank have been conducted since the merger of the National Bank of Abu Dhabi (NBAD) and First Gulf Bank in April to create one of the region's largest banking entities.

FAB deals accounted for 17.3 per cent of total transactions recorded on the Abu Dhabi Securities Exchange (ADX) during the first 10 months of this year, reported state news agency Wam.

Up to 1.2 billion FAB stocks with a market value of Dh12.43 billion were traded in the capital's bourse by the end of October, according to ADX figures.

FAB share capital stood at 10.897 billion, with non-Arab foreign stocks accounting 9.05 per cent thereof, while GCC investors own 1.42 per cent and Arabs 0.50 per cent, stated the report.

According to analysts surveyed by WAM, foreign equities are expected to increase during the remaining period of the current year.

FAB reported decent results during the first 9 months of 2017, posting Dh8 billion in net profit, with its total assets surging to Dh644 billion, a 2 per cent growth over the corresponding period last year, it added.

Source: Trade Arabia