January 28, 2020 / 6:13 AM / a month ago

UAE's biggest lender FAB posts Q4 net profit rise

DUBAI, Jan 28 (Reuters) - First Abu Dhabi Bank, 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 ($838.6 million), 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 reported a 15% drop in quarterly earnings on Monday, while Abu Dhabi Commercial Bank 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.

$1 = 3.6728 UAE dirham Reporting by Saeed Azhar; Editing by Tom Hogue

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