First Abu Dhabi Bank’s profits increased by 20% in the second quarter of 2021 to reach two billion and 880 million dirhams compared to the same period in 2020.
According to Arab Net, the results were better than analysts' expectations at two billion and 480 million dirhams.
The results of the second quarter witnessed a decrease in provisions for impairment by 36% to record 676 million dirhams.
The largest UAE bank achieved a 3% increase in net profits for the first quarter of the year, supported by a significant decline in impairment provisions, and said that it expected to benefit from the acceleration of economic activity and corporate business.
The bank expected that companies' activities will be supported in the second half of 2021, thanks to the distribution of vaccines and better macroeconomic prospects.
The bank announced a net profit of 2.476 billion dirhams ($675.23 million) for the period ended March 31, compared to 2.408 billion dirhams in the same period a year ago.
