UAE's top bank FAB cautious after flat second quarter profit | Reuters
First Abu Dhabi Bank (FAB) (FAB.AD), the United Arab Emirates' biggest lender, struck a cautious tone on the second half of the year on Thursday, as it reported broadly flat second quarter profit.
Gulf banks have been supported by high crude prices, which historically boost economic activity in the oil-rich region. But they are increasingly wary of a possible global economic downturn as central banks hike interest rates to fight inflation.
"Although the supportive regional economic backdrop and the diligent execution of our strategy represent significant tailwinds, we remain cautious in the context of heightened market volatility, persistently elevated global inflation and rapidly evolving monetary policy," James Burdett, group chief financial officer, said in a statement.
FAB made second quarter profit of 2.91 billion dirhams ($792 million), just under 1% higher than a year earlier. read more
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