UAE’s biggest bank FAB posts three percent rise in Q1 profit as impairments fall

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First Abu Dhabi Bank, UAE’s biggest lender, posted a 3 percent rise in first-quarter net profit, helped by a sharp drop in impairment charges, and said it expected to benefit from a pickup in economic and business activity.

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It reported a net profit of 2.476 billion dirhams ($675.23 million) for the period ended March 31, compared to 2.408 billion dirhams a year earlier.

Analysts had forecast a net profit of 2.69 billion dirhams, according to a mean forecast of three analysts.

Rival lender Emirates NBD on Tuesday posted a 12 percent rise in first-quarter net profit, citing improving economic conditions from the COVID-19 pandemic fallout and a sharp drop in impairments.

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