Dubai: First Abu Dhabi Bank (FAB) reported on Wednesday Dh2.6 billion in net profit for the third quarter of 2017, down 18 per cent compared to the Dh3.18 billion recorded in the same quarter of 2016.
The figure is also below forecasts, with analysts at EFG Hermes having expected Dh2.85 billion in net profit for the quarter.
This is the second time the bank has reported its earnings as a merged entity after the National Bank of Abu Dhabi and First Gulf Bank merged in April to create what is now called FAB. The results for the third quarter of 2017 are in comparison to the combined earnings of both banks in the same period last year.
Profits for the third quarter bring the bank’s profits in the first nine months of 2017 to nearly Dh8.1 billion – down 4 per cent year-on-year.
In a statement, Abdulhamid Saeed, FAB’s group chief executive officer, said the bank was operating in an environment that is “improving, yet remains challenging.”
