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Image for illustrative purposes. First Abu Dhabi Bank head office situated at Khalifa Business Park Abu Dhabi.
First Abu Dhabi Bank (FAB), the largest lender in the UAE, posted a significant year-on-year rise in net profit for the first half of the year, underpinned by a favorable regional backdrop despite global market volatility.
Net profit during the period reached AED8 billion ($2.17 billion), up by 50% compared to the same period last year.
For the second quarter of the year, total net profit stood at AED2.9 billion, slightly up from a year ago but still beating analyst estimates.
"Core businesses maintained solid growth momentum... We continued to deliver on our growth objectives," the Abu Dhabi-listed lender said in its earnings presentation on Thursday.
"Despite global market headwinds, FAB remains in a strong position to weather uncertain times," it added.
Earnings per share stood at AED1.43, up 52% year-on-year, while total income rose 31% to AED12.5 billion.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)
