The financial statements of First Abu Dhabi Bank revealed a slight increase in the bank's profits in the second quarter of this year, amounting to 1% on an annual basis.
According to the bank's results, profits for the period amounted to 2.906 billion dirhams, compared to 2.878 billion dirhams, profits for the second quarter of last year.
The bank’s profits in the first half of this year amounted to 8.026 billion dirhams, compared to 5.354 billion dirhams, profits for the same period in 2021, an increase of 50%.
The reason for the increase in profits during the current period is due to the achievement of non-recurring profits as a result of excluding a stake in a subsidiary company and fair value profits from the share held for sale at a value of 3093.7 million dirhams compared to nothing during the first half of 2021.
It is also due to the decline in provisions for impairment by 9% to reach 1039.2 million dirhams during the first half of 2022, compared to 1147.2 million dirhams during the same period in the previous year.
