UAE’s First Abu Dhabi Bank posts 19 pct jump in Q2 net profit

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First Abu Dhabi Bank, the United Arab Emirates’ biggest lender, posted on Wednesday a 19 percent rise in quarterly net profit, underpinned by sharp gains in its investments and derivatives and on higher fee income.

FAB posted a net profit of 2.879 billion dirhams ($783.87 million) in the quarter ended June 30, up from 2.4 billion a year earlier.

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Arqaam Capital had forecast a net profit of 2.4 billion dirhams, while EFG Hermes had projected 2.5 billion dirhams.

The lender’s operating income was boosted by a sharp jump in derivatives and investments of 1.4 billion dirhams in the second quarter, a surge from 200 million dirhams a year earlier.

Net fee and commission income rose by more than a fifth to 768.8 billion dirhams.

Net interest income fell in a weak interest rate environment worldwide while impairment charges dropped amid signs of recovery from the COVID-19 pandemic fallout.

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