First Abu Dhabi Bank’s third quarter profit climbs 6% due to strong business activity
First Abu Dhabi Bank reported a 6 per cent annual jump in its third-quarter profit, as net interest income and fee and commission income grew during the period on the back of strong business activity. Net profit attributable to shareholders of the bank for three months to the end of September climbed to 5.73 billion ($1.5 billion), the largest lender in the UAE by assets said in a statement on…
First Abu Dhabi Bank (FAB) announced a 6% increase in its third-quarter profit, driven by robust business activity. The bank's net profit attributable to shareholders reached 5.73 billion ($1.5 billion) for the three months ending September 30th, marking the largest profit among UAE banks by assets. FAB revealed that its net interest income surged by nearly 7% year-on-year to Dh4.8 billion, while net fee and commission income climbed 16% to Dh1.4 billion.
The Abu Dhabi-based lender's nine-month profit saw a 3% growth, totalling Dh16.4 billion. Group chief executive Hana Al Rostamani credited sustained growth across FAB's businesses, its diversified platform, and the expansion of its global franchise for the impressive performance. She emphasized the bank's ability to maintain consistent returns while preserving a strong financial position.
During the third quarter, net impairment charges amounted to Dh1 billion, up from Dh850 million reported in the same period last year.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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