October 24, 2019 / 12:53 PM / 19 days ago

UPDATE 1-UAE's First Abu Dhabi Bank third-quarter net profit up 3%

(Adds details)

By Stanley Carvalho

ABU DHABI, Oct 24 (Reuters) - First Abu Dhabi Bank (FAB) , the largest lender in the United Arab Emirates, reported a 3% rise in third-quarter net profit, driven by higher non-interest income.

FAB made a net 3.11 billion dirhams ($847 million) in the three months ended Sept. 30, compared with 3.02 billion in the prior-year period, it said in a statement on Thursday.

The profit was broadly in line with analysts’ forecasts. EFG Hermes had forecast a net 3.12 billion dirhams while SICO Bahrain had forecast 3.21 billion.

FAB’s non-interest income, derived from fees and other activities, jumped 10% in the quarter to 1.74 billion dirhams compared to 1.58 billion a year ago. Net interest income increased 2%.

Loans and advances totaled 378 billion dirhams, up 7% year-on-year, while deposits totaled 477 billion, up 5%.

Internationally, FAB is on track to implement its strategy in targeted markets, including Saudi Arabia, where it will shortly open a second branch in the city of Khobar, the statement said.

The bank booked impairments totaling 469 million dirhams in the third quarter, up 8% on the year.

$1 =3.6728 Reporting by Stanley Carvalho Editing by David Holmes

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