UAE's biggest lender FAB posts Q1 profit of $1.4 bln

Gulf Island Fabrication

28/04/2022 06:28

DUBAI, April 28 (Reuters) - The biggest lender in the United
Arab Emirates, First Abu Dhabi Bank  FAB.AD , posted on Thursday
a rise of 107% in first-quarter profit.
    It made 5.1 billion dirhams ($1.4 billion) in the period
from January to March, up from 2.5 billion in the corresponding
period a year earlier. 
    Total income for the quarter stood at 7.3 billion dirhams,
helped by the sale of a majority stake in payments business
Magnati, up from 4.4 billion a year ago, the lender, with its
headquarters in Abu Dhabi, said in a stock filing.
    Arqaam Capital had forecast net profit of 3.05 billion
dirhams for the quarter, while EFG Hermes put it at 3.1 billion
dirhams.
($1=3.6726 UAE dirham)

 (Writing by Alexander Cornwell; Editing by Clarence Fernandez)
 ((Alexander.cornwell@thomsonreuters.com))