FIRST ABU DHABI BANK-

First Abu Dhabi Bank (FAB) reported a 23.5% y-o-y increase in net income to AED 5.1 bn in 1Q 2025, according to its management discussion and analysis report (pdf). This beats analyst estimates of AED 4.2 bn, Reuters reports, citing LSEG data. Operating income rose 10.6% y-o-y to AED 8.8 bn, with net interest income up 3% to AED 5 bn and non-interest income growing 22.4% to AED 3.8 bn.

A strong quarter for its balance sheet: Total assets rose 5.8% y-o-y to AED 1.3 tn, with international operations accounting for 30% of the total. Loans and advances grew 7.9% y-o-y to AED 548 bn, while customer deposits increased 4.5% to AED 839 bn. FAB’s return on tangible equity improved to 20.4%, up from 17.4% a year earlier.

The bank attributed the performance to “sustained growth momentum across our business segments and our international franchise,” efficient operations, and a prudent risk strategy. This follows major restructuring in 1Q — accompanied by a series of senior departures and new appointments — to strengthen its financial and advisory services. Looking ahead, FAB plans to increase its use of AI to support operations, CEO Hana Al Rostamani said.

ALDAR PROPERTIES-

Aldar also kicked off the year with strong earnings: State-owned Aldar Properties reported a 21.5% y-o-y increase in net income after tax to AED 1.9 bn in 1Q 2025, according to the company’s interim financial information report (pdf). Revenues rose 38.7% y-o-y to AED 7.8 bn, supported by a 42% jump in group sales to AED 8.9 bn, driven by strong demand for both new launches and existing inventory, the firm said in its earnings release (pdf).

Momentum strong at home and abroad: UAE sales rose 38% y-o-y to AED 8.4 bn, with international buyers accounting for 87% of the total. Aldar Development’s revenue increased 46% y-o-y to AED 5.7 bn with a revenue backlog of AED 55.7 bn at the end of the quarter. Its investment arm Aldar Investment saw its topline rise 15% y-o-y to AED 1.9 bn, and high occupancy and rental growth helped bring its assets under management to AED 46 bn — alongside strategic acquisitions made over the past two years. These investments included acquiring Masdar City assets, as well as UK property developer London Square in an AED 1.1 bn transaction in December 2023.

As of March, Aldar had raised AED 16.3 bn in new liquidity across its capital structure in 2025. In January, it issued USD 1 bn Reg S hybrid capital notes and closed an AED 9 bn sustainability-linked revolving credit facility. It also completed a USD 500 mn green sukuk issuance last month, which was 7.2x oversubscribed.

Aldar hasn’t seen any disruption from tariff-driven trade tensions or currency volatility, thanks to the UAE’s “very pro-economic development and trade,” Chief Finance and Sustainability Officer Faisal Falaknaz told The National.

But a weaker USD could open new doors: Falaknaz said a softer USD is creating windows for Aldar to grow its international sales, particularly in non-USD-pegged markets such as China, where first-time sales topped USD 1 bn in 2024.

ABU DHABI COMMERCIAL BANK-

Abu Dhabi Commercial Bank (ADCB)’s net income increased by 14.4% y-o-y to AED 2.5 bn in 1Q 2025, according to its financial statements (pdf). The bank recorded a 9.3% y-o-y increase in its operating income to AED 5 bn, “primarily driven by a sharp 26% increase in non-interest income across all main line items,” according to its earnings release (pdf). Total assets increased 14% y-o-y to AED 680 bn.

REMEMBER- The bank has an ambitious target of doubling net income by 2050.

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah (NBF) reported a 22.2% y-o-y increase in net income to AED 306.8 mn in 1Q 2025, according to its financial statements (pdf). The lender’s operating income rose 10% to 675.5 mn.

What they said: “The bank’s solid performance has been facilitated by a healthy balance sheet, strong capital adequacy and liquidity, improvement in overall asset quality, deepening client relationships, good performance across key business segments and advancing a digitally enabled operating platform,” according to its earnings release (pdf).

e&-

Emirates Telecommunications Group’s (e&) net income rose by 125.8% y-o-y to AED 5.6 bn in 1Q 2025, according to its financial statements (pdf). The company’s revenue increased by 18.7% y-o-y to AED 16.9 bn in this quarter, driven by robust growth across all segments.

The performance was attributed to the “growth of its telecom footprint and the expansion of its digital adjacencies,” according to its earnings release (pdf). The operational growth, along with the divestment of the company’s stake in Khazna, supported the milestone.

REMEMBER- e&’s JV with PPF Group, e& PPF Telecom, fully acquired Serbia-based cable television and broadband internet service provider Serbia Broadband (SBB) from Southeast European telecoms player United Group for EUR 825 mn. The company also completed the divestment of its stake in Khazna Data Centers for USD 2.2 bn, stating that the USD 1.4 bn in proceeds will be used for debt reduction.

NMDC ENERGY-

NMDC’s engineering, procurement, and construction unit NDMC Energy recorded a 24.7% y-o-y surge in net income to AED 217 mn for 1Q 2025, according to its financials (pdf). The unit’s top line also saw a 74.9% y-o-y uptick to AED 3.7 bn during the same period.

The company attributed revenue growth to effective project implementation across its portfolio, according to a separate earnings release (pdf). Robust operational strategies and local and international expansion helped boost its bottom line. It secured AED 13.9 bn worth of new projects during the quarter, and its backlog stood at AED 56.3 bn at the end of 1Q.

EMIRATES STALLIONS GROUP-

IHC subsidiary and construction and real estate firm Emirates Stallions Group (ESG) saw its net income fall 22.7% y-o-y to AED 53 mn in 1Q 2025, according to its financial statements (pdf). The company’s revenue rose by 9.7% y-o-y to AED 332.7 mn during the quarter. The performance was attributed to “higher operational efficiency, better business structuring, and a greater ability to seize viable opportunities,” CEO Kayed Ali Khorma said, according to its earnings release (pdf).

DUBAI REFRESHMENTS-

Dubai Refreshments’ net income rose 17.6% y-o-y to AED 30.2 mn in 1Q 2025, according to its financials (pdf). The company’s revenue increased by 6.4% y-o-y to AED 178.2 mn in the same period.

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