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The UAE’s biggest lender First Abu Dhabi Bank (FAB) posted a Q1 2023 net profit (attributable) of 3.93 billion dirhams ($1.07 billion), 70% higher year-on-year (YoY) as higher interest income offset a jump in impairment charges.
The efforts slightly beat Refinitiv's mean analysts’ estimates of AED3.37 billion net profit for the quarter.
Operating income came in at AED6.7 billion, up 51% YoY, while net interest income was AED4.4 billion versus AED3.13 billion in the year-ago period, according to the lender's statement on Thursday on Abu Dhabi's ADX exchange where its shares trade. Non-interest income also rose 74% yoy.
Net impairment charges for the quarter came in at AED798 million, up 74% YoY.
Loans, advances and Islamic financing stood at AED473 billion, up 9% yoy. Customer deposits were at AED781 billion, up 30% YoY.
(Reporting by Brinda Darasha; editing by Seban Scaria)
