UAE's FAB posts 54% surge in Q3 profit on higher non-interest income | Reuters
First Abu Dhabi Bank (FAB) (FAB.AD), the biggest lender in the United Arab Emirates, posted on Thursday a 54% rise in third-quarter net profit, fuelled by higher non-interest income as the economy gradually recovers from the coronavirus pandemic.
UAE banks are witnessing a rebound in earnings after the economy was rattled by the pandemic in 2020, with FAB's investment banking business benefiting from increased deals flow in Abu Dhabi.
"Global markets and macro sentiment have broadly sustained their positive momentum in the third quarter of 2021, driven by COVID-19 vaccine rollout, improving business and consumer sentiment, and the impact of global monetary and fiscal support measures," the bank said.
FAB delivered a net profit of 3.9 billion dirhams ($1 billion) in the quarter ended Sept. 30, up from 2.5 billion dirhams a year earlier.
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