April 29, 2018 / 12:30 PM / 25 days ago

Higher fees, less impairments lift First Abu Dhabi Bank Q1 profit

April 29 (Reuters) - First Abu Dhabi Bank, the largest bank in the United Arab Emirates, on Sunday reported a 2 percent rise in first quarter profit, helped by higher fees and commission and lower impairments. FAB made a net profit of 3.0 billion dirhams ($817 million) in the three months ending March 31, compared to 2.9 billion dirhams in the prior-year period, it said in a statement. SICO Bahrain and EFG Hermes had forecast FAB would make a first quarter profit of 2.9 billion dirhams and 2.8 billion dirhams, respectively

Loans and advances grew to 338 billion dirhams in the quarter, up 2 percent over the previous year first quarter.

Deposits totalled 404 billion dirhams, up 3 percent year-on-year.

It booked impairments of 439 million dirhams in the first quarter, down 31 percent versus the first quarter of 2017. In March, FAB was granted a commercial banking licence in Saudi Arabia to set up three branches and earlier won an investment banking licence in the kingdom.. (Reporting By Stanley Carvalho, editing by Tom Arnold)

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