First Abu Dhabi Bank third quarter profit climbs 6% on strong business activity

First Abu Dhabi Bank (FAB) reported a 6 percent year-on-year increase in net profit for the third quarter, driven by growth in net interest income and fee and commission income amid robust business activity.

Profit and income details

Net profit attributable to shareholders of the UAE’s largest lender by assets rose to 5.73 billion dirhams ($1.5 billion) in the three months to the end of September, the bank said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are listed.

Net interest income for the quarter climbed nearly 7 percent year-on-year to 4.8 billion dirhams, while net fee and commission income increased 16 percent to 1.4 billion dirhams.

Nine-month performance

For the first nine months of the year, FAB’s profit grew 3 percent to 16.4 billion dirhams.

Group chief executive Hana Al Rostamani attributed the results to sustained growth across the bank’s businesses, the strength and scale of its diversified platform, and the continued expansion of its global franchise. She said the performance highlights the bank’s ability to deliver consistent returns while maintaining a strong financial position.

Impairment charges

Net impairment charges for the third quarter reached 1 billion dirhams, compared with 850 million dirhams in the same period a year earlier.