First Abu Dhabi Bank Q1 profit down 23%

Total income stood at Dh6.7b in Q1, down 7%

By Reuters

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The lender said that Q1 profit was up 70 per cent year-on-year when excluding gains from the sale of a stake in its payments business Magnati. - KT file
The lender said that Q1 profit was up 70 per cent year-on-year when excluding gains from the sale of a stake in its payments business Magnati. - KT file

Published: Thu 27 Apr 2023, 1:47 PM

First Abu Dhabi Bank (FAB) , the UAE’s biggest lender by assets, on Thursday reported a 23 per cent fall in first-quarter net profit, but said its loans and deposits grew, supported by strong momentum in the business and commercial environment.

The bank posted a profit of Dh3.93 billion, compared to Dh5.12 billion a year ago, according to a bourse filing.

The lender said that Q1 profit was up 70 per cent year-on-year when excluding gains from the sale of a stake in its payments business Magnati, which were booked in the first quarter of 2022.

Total income stood at Dh6.7 billion in Q1, down 7 per cent YoY, although operating income jumped 51 per cent.

The bank took out impairment charges of Dh798 million in the first quarter, up 74 per cent from Dh457.4 million last year.

FAB’s loans and advances grew 9 per cent, and it attracted deposits of 80 billion dirhams, with total deposits up 30 per cent.

The bank - majority owned by the Abu Dhabi government - said total assets increased 21 per cent to Dh1.2 trillion, “led by sizeable deposit inflows deployed across loans and high-quality liquid assets.”


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