FAB records AED2.56 bn net profit in 2nd quarter

ABU DHABI / Agencies

First Abu Dhabi Bank (FAB), created by a merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) on Wednesday reported a net profit of AED2.56 billion for the
second quarter.
This is the first combined results of Abu Dhabi’s two biggest banks, FGB and NBAD, after their merger in April to create one of the largest banks in the Middle East and Africa.
First Abu Dhabi Bank, which reported assets of AED625 billion, said the integration progress was firmly on track but didn’t say when it will be completed.
It said operating expenses dropped 6 percent during the quarter from the year earlier period to AED1.38 billion, while impairment charges fell 12% to AED611 million.
Headquartered in Abu Dhabi in Khalifa Business Park, FAB’s international network spans over 19 countries across the world, providing the global relationships, expertise and financial strength to support local,
regional and international businesses seeking to do business at home and abroad.

‘UAE banks profit to grow 5% in H2’
DUBAI / Reuters

UAE banks will post profit growth of around 5 percent Q2 2017, similar to the first six months as bad loans ease, the head of a local
industry group said.
Of the five major banks to publish earnings this quarter, four have reported improved profits.
“If you look at the bank results that have come in so far, collectively there is a growth of five percent. Despite what you see all around us, if you compare it to the rest of the world, this is a fantastic result,” said Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF) and chief executive of Mashreq, Dubai’s third largest lender by assets.