DUBAI (Reuters) - First Abu Dhabi Bank FAB.AD, the biggest lender in the United Arab Emirates (UAE), posted a 5% rise in quarterly profit on a rise in non-interest income, but like other rivals also saw a jump in impairment charges in the last quarter.
FAB’s fourth-quarter profit was 3.08 billion dirhams (638.01 million pounds), up from 2.93 billion dirhams, it said in a statement.
Arqaam Capital had a forecast of 3.0 billion dirhams, and EFG Hermes had projected 3.08 billion dirhams.
The result came after Dubai’s biggest lender Emirates NBD ENBD.DU reported a 15% drop in quarterly earnings on Monday, while Abu Dhabi Commercial Bank ADCB.AD also reported a 16% drop in fourth-quarter profit, as both were hit by higher impairment charges.
At FAB, net impairment charges were up 17% year-on-year, but were offset by a 34% rise in non-interest income.
Reporting by Saeed Azhar; Editing by Tom Hogue