First Abu Dhabi Bank's 2017 profit crimped by merger costs | ZAWYA MENA Edition

First Abu Dhabi Bank's 2017 profit crimped by merger costs | ZAWYA MENA Edition:

"First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, on Monday reported a 3.5 percent profit fall in 2017, citing costs linked to its recent merger.

FAB, the combination of National Bank of Abu Dhabi and First Gulf Bank, said its full-year net profit was 10.92 billion dirhams ($3 billion) compared to 11.32 billion dirhams in 2016.

Excluding integration costs and other merger-related expenses of around 601 million dirhams, adjusted net profit for the year was 11.52 billion dirhams while fourth-quarter profit was up 6 percent from the same period of last year, FAB said. "



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