UAE’s largest bank sees profits dip amid ‘unprecedented’ market conditions

UAE’s largest bank sees profits dip amid ‘unprecedented’ market conditions

First Abu Dhabi Bank (FAB), the UAE's largest lender, has reported net profits of AED2.5 billion ($682 million) for the third quarter of 2020, up 4 percent on Q2 but down 19 percent on a year-earlier.

Net profit for the first nine months of 2020 stood at AED7.3 billion, 22 percent lower compared to the same period in 2019, mainly due to higher impairment charges and softer revenue but partly mitigated by cost optimisation, the bank said in a statement carried by state news agency WAM.

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André Sayegh, group CEO, FAB, said: "FAB delivered a resilient performance in the first nine months of 2020, successfully managing key risks in the face of unprecedented