First Abu Dhabi Bank Sees 6% Profit Surge in Q3 Driven by Robust Business Activity

First Abu Dhabi Bank (FAB), the UAE's largest lender by assets, has announced a 6 per cent year-on-year increase in its third-quarter profit. This growth was fueled by a rise in net interest income and fee and commission income, attributed to strong business activity during the period.

The bank reported a net profit attributable to shareholders of Dh5.73 billion ($1.5 billion) for the three months ending September 30, according to a statement released on Thursday to the Abu Dhabi Securities Exchange. Net interest income saw a nearly 7 per cent increase, reaching Dh4.8 billion, while net fee and commission income grew by 16 per cent to Dh1.4 billion.

For the first nine months of the year, the Abu Dhabi-based lender's profit climbed 3 per cent to Dh16.4 billion.

Hana Al Rostamani, group chief executive of FAB, commented on the performance, stating, "This performance reflects sustained growth across our businesses, the strength and scale of our diversified platform, and the continued expansion of our global franchise. It also highlights our ability to deliver consistent returns while maintaining a strong financial position."

Net impairment charges for the third quarter were Dh1 billion, an increase from the Dh850 million reported in the same period last year.