UAE’s top bank FAB Q2 profit up 61%, beating estimates


Dubai (Reuters) – First Abu Dhabi Bank (FAB.AD), the UAE’s biggest lender by assets, on Thursday said its second-quarter profit rose 61% from a year prior, as interest and non-interest income rose.

The bank posted a net profit of 4.2 billion dirhams ($1.14 billion) in the quarter, it said in a statement.

That beat analysts’ average estimate of about 3.69 billion dirhams profit in the second quarter, according to Refinitiv data.

Operating income in the second quarter was up 37% from a year earlier to 6.8 billion dirhams, the statement said.

Net impairment charges were at 676 million dirhams, down 15% from the first quarter.

“Despite the persistence of macroeconomic headwinds on a global scale, FAB is very well positioned to deliver solid results and unlock its full potential as a regional banking powerhouse,” Lars Kramer, who was appointed FAB’s chief financial officer in January, said in the statement.

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