July 24, 2018 / 12:54 PM / 3 months ago

First Abu Dhabi Bank Q2 profit up 19 pct

ABU DHABI, July 24 (Reuters) - First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, on Tuesday reported a 19 percent rise in second-quarter 2018 profit, boosted by higher foreign exchange and investment income, as well as lower impairment charges.

FAB made a net profit of 3.06 billion dirhams ($845 million) in the three months ending June 30, compared to 2.56 billion dirhams in the prior-year period, it said in a statement.

SICO Bahrain and EFG Hermes had forecast FAB would make a second-quarter profit of 2.88 billion dirhams and 2.80 billion dirhams respectively.

Foreign exchange and investment income was 671 million dirhams in the second quarter, up 26 percent year-on-year. FAB booked 423 million dirhams as impairment charges in the second quarter, down 31 percent year-on-year.

Net interest income, as well as fees and commissions, were flat in the second quarter compared to the same period last year.

Loans and advances grew to 345 billion dirhams ending June 30, from 330 billion dirhams ending Dec. 31 last year. Deposits totalled 431 billion dirhams, versus 396 billion dirhams during the same period.

$1 =3.6728 Reporting By Stanley Carvalho, editing by David Evans

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