FAB nets Dh6.3b in H1-19 profits
The gains were driven by higher non-interest income even though impairment costs rose
Dubai: First Abu Dhabi Bank (FAB) recorded a 5 per cent year-on-year increase in net profit for the second quarter of 2019 on the back of higher non-interest income. Profits in the quarter reached Dh3.22 billion, bringing the overall for the first-half of 2019 to Dh6.3 billion – up 4 per cent year-on-year.
The growth in earnings came amid what FAB described as “challenging market conditions”, and ahead of an expected slowdown in global economic growth.
“Looking ahead and despite a softer global outlook, we are confident in our ability to continue to leverage our leading franchise, diversified business model, and strong execution capabilities to deliver sustainable growth and maximize shareholder returns,” said Abdulhamid Saeed, group CEO.