First Abu Dhabi Bank’s profits surge to $2bn in H1 

RIYADH: First Abu Dhabi Bank, UAE’s largest lender, has reported a strong year-over-year rise in net profit for the first half of the year, supported by favorable regional conditions despite global market volatility.

The Abu Dhabi-listed bank’s profit surged 50 percent compared to the same period last year, reaching 8 billion dirhams ($2.17 billion), it said in a statement.

“Despite heightened global market volatility, our core businesses maintained solid growth momentum, reflecting healthy pipeline execution across our diversified franchise” FAB CEO, Hana Al Rostamani said.

The earnings per share rose 52 percent year-over-year to 1.43 dirhams, while total income grew 31 percent to 12.5 billion dirhams.