#UAE top lender FAB posts record profit helped by stake sale | Reuters

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.