First Abu Dhabi Bank quarterly profit rises on higher operating income
- Net profit for the three months ended June 30 rose to 5.72 billion dirhams ($1.56 billion), from 5.51 billion dirhams a year earlier
First Abu Dhabi Bank, the UAE’s biggest bank by assets, reported a 4% rise in second-quarter net profit on Thursday, helped by higher operating income.
Net profit for the three months ended June 30 rose to 5.72 billion dirhams ($1.56 billion), from 5.51 billion dirhams a year earlier.
Operating income increased 7% year-on-year to 10.17 billion dirhams, while net interest income jumped 15%.
The lender said that net impairment charges increased to 950 million dirhams, from 752 million dirhams a year ago.
First Abu Dhabi Bank puts talks to acquire Bank Audi’s Egyptian business on hold
Last month, the Financial Times reported that FAB had exposure to the insolvencies of properties linked to mortgage lender Market Financial Solutions.
The Iran war has led to heavy disruption to travel and supply chains, prompting economic measures by the UAE authorities, including steps by the central bank to support banks’ liquidity.
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