UAE's biggest bank FAB posts 19% drop in Q3 net profit

Third-quarter net profit was $682mln

  
First Abu Dhabi Bank head office situated at Khalifa Business Park in Abu Dhabi. Image used for illustrative purpose.

First Abu Dhabi Bank head office situated at Khalifa Business Park in Abu Dhabi. Image used for illustrative purpose.

First Abu Dhabi Bank/ Handout via Thomson Reuters Zawya

DUBAI- First Abu Dhabi Bank, the United Arab Emirates' biggest lender, reported a 19% fall in quarterly profit on Monday, dragged down by a double-digit drop in net interest income and higher impairment charges.

Third-quarter net profit was 2.506 billion dirhams ($682 million), versus 3.11 billion dirhams a year earlier.

CI Capital expected FAB to post a net profit of 2.5 billion dirhams, while EFG Hermes had a forecast of 2.2 billion dirhams.

Impairment charges in the quarter were 504 million dirhams, up 7% from a year earlier.

($1 = 3.6728 UAE dirham)

(Reporting by Saeed Azhar; Editing by Kirsten Donovan) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))

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