UAE's biggest bank FAB posts 3% rise in Q1 profit as impairments fall

It reported a net profit of $675.23mln for the period ended March 31

  
Image used for illustrative purpose. United Arab Emirates Currency notes.

Image used for illustrative purpose. United Arab Emirates Currency notes.

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DUBAI- First Abu Dhabi Bank, UAE's biggest lender, posted a 3% rise in first-quarter net profit, helped by a sharp drop in impairment charges, and said it expected to benefit from a pickup in economic and business activity.

It reported a net profit of 2.476 billion dirhams ($675.23 million) for the period ended March 31, compared to 2.408 billion dirhams a year earlier.

Analysts had forecast a net profit of 2.69 billion dirhams, according to a mean forecast of three analysts.

Rival lender Emirates NBD on Tuesday posted a 12% rise in first-quarter net profit, citing improving economic conditions from the COVID-19 pandemic fallout and a sharp drop in impairments. 

($1 = 3.6728 UAE dirham)

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

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