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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

FAB Q1 net profit $1.38 bn

FABMISR will become one of the largest foreign banks operating in the Egyptian market.
  • The bank's total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.
  • Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions.

First Abu Dhabi Bank (FAB) has reported a net profit of AED 5.1 billion ($1.38 billion) for the first three months of 2022, up 107 percent from AED 2.5 billion in the first quarter of 2021.

The results represent the highest quarterly net profit in the bank’s history, according to financial results released on Thursday.

The bank’s total income reached AED 7.3 billion and includes an AED 2.8 billion net gain on the disposal of majority stake in payments business Magnati.

Core underlying performance was healthy, driven by higher net interest income, a pick-up in fees and commissions and the positive contribution from Bank Audi Egypt, helping offset lower trading and investment income, the bank said.

Operating expenses were up year-on-year on the back of ongoing investments in digital and strategic initiatives and the inclusion of Bank Audi Egypt from Q2 2021, it added.

Customer deposits increased to AED600 billion, up 6 percent year-on-year, down 2 percent year-to-date; Deposit mix improved with CASA balances adding AED22 billion sequentially to represent 52 percent of total customer deposits.

Liquidity Coverage Ratio (LCR) increased by 120 percent, underlining a strong liquidity position. Healthy asset quality metrics with NPL ratio was at 3.8 percent, and adequate provision coverage at 98 percent.