UAE's biggest bank FAB posts 19% drop in third quarter net profit | Reuters
First Abu Dhabi Bank FAB.AD, the United Arab Emirates' biggest lender, reported a 19% fall in quarterly profit on Monday, dragged down by a double-digit drop in net interest income and higher impairment charges. Third-quarter net profit was 2.506 billion dirhams ($682 million), versus 3.11 billion dirhams a year earlier.
CI Capital expected FAB to post a net profit of 2.5 billion dirhams, while EFG Hermes had a forecast of 2.2 billion dirhams.
Impairment charges in the quarter were 504 million dirhams, up 7% from a year earlier.
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