UAE top lender FAB posts record profit helped by stake sale | Reuters
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, reported on Thursday its highest ever quarterly net profit, helped by the sale of a majority stake in its payments business.
The UAE banking sector is improving on the back of a further easing in COVID-19-related restrictions and a rebound in oil prices, boosting economic activity.
The Abu Dhabi-headquartered bank made 5.1 billion dirhams ($1.4 billion) in the January-March period, up 107% compared to the 2.5 billion dirhams logged in the period a year ago.
Arqaam Capital had forecast a net profit of 3.05 billion dirhams for the quarter, while EFG Hermes had put it at 3.1 billion dirhams.
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