First Abu Dhabi Bank (FAB) on Shaikh Zayed Road, Dubai. In the first quarter of 2018, FAB’s impairment charges reached Dh439 million, down 31 per cent over the Dh641 million in the same quarter of 2017. Image Credit: Clint Egbert/Gulf News

Dubai: First Abu Dhabi Bank (FAB) reported on Sunday nearly Dh3 billion in net profit for the first quarter of 2018, marking a 2 per cent year-on-year increase and exceeding analyst expectations.

The increase came as the bank’s operating expenses fell as did impairment charges, and as fees and commissions rose. Profits for the quarter are above forecasts, with analysts at EFG Hermes projecting Dh2.28 billion.

“As we enter our second year, FAB continues to make significant progress in delivering on its business objectives and integration milestones, with IT integration activities in particular moving forward at a steady pace and according to plan,” said Abdulhamid Saeed, FAB Group chief executive officer.

The merger between First Gulf Bank and the National Bank of Abu Dhabi, which created FAB, became effective in April 2017, with the integration process still ongoing.