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

Gulf Island Fabrication

20/07/2023 17:07

DUBAI, July 20 (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.
    
    ($1 = 3.6729 UAE dirham)

 (Reporting by Yousef Saba; Editing by Josie Kao)
 ((Yousef.Saba@thomsonreuters.com; +971562166204; https://twitter.com/YousefSaba))