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First Abu Dhabi Bank Q2 profit up 19%

First Abu Dhabi Bank Q2 profit up 19%

The UAE’s largest lender beat analysts forecasts

First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, on Tuesday reported a 19 per cent rise in second-quarter 2018 profit, boosted by higher foreign exchange and investment income, as well as lower impairment charges.

FAB made a net profit of Dhs3.06bn ($845m) in the three months ending June 30, compared to Dhs2.56bn in the prior-year period, it said in a statement.

SICO Bahrain and EFG Hermes had forecast FAB would make a second-quarter profit of Dhs2.88bn and Dhs2.80bn respectively.

Foreign exchange and investment income was Dhs671m in the second quarter, up 26 per cent year-on-year.

FAB booked Dhs423m as impairment charges in the second quarter, down 31 per cent year-on-year.

Net interest income, as well as fees and commissions, were flat in the second quarter compared to the same period last year.

Loans and advances grew to Dhs345bn ending June 30, from Dhs330bn ending December 31 last year.

Deposits totalled Dhs431bn, versus Dhs396bn during the same period.

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