Dubai, UAE — UAE’s biggest lender by assets, First Abu Dhabi Bank, has reported a net profit of AED 4.2 billion ($1.14 billion) for the second quarter of 2022, an increase of 61 percent from $701 million.
The increase was attributed to an increase of 39 percent in net interest income and 32 percent increase in non-interest income.
For the first six months of 2023, the net profit was $2.19 billion, up 7 percent from $2.08 billion. The company said the operating income was $1.82 billion, up 37 percent from 2022, and return on average assets (ROA) was 2.3 percent, up from 1.6 percent in the same period of 2022.
The bank’s strong financial performance reflects the continued strength of the UAE economy and the bank’s focus on providing innovative and differentiated products and services to its customers, the bank said in a statement.
Net impairment charges were at 676 million dirhams, down 15 percent from the first quarter.
