First Abu Dhabi Bank, the largest bank in the UAE by assets, recorded a 70 percent jump in net profit for the first quarter of this year, supported by a strong rise in net interest income as well as continued momentum across all sectors.
The bank said in a statement Thursday on the Abu Dhabi Securities Exchange website that the net profit attributable to shareholders for the three months until the end of March 2023 jumped to 3.9 billion dirhams ($1.07 billion), an increase of 60 percent compared to the last quarter of 2022 and 70 percent compared to the period. The same as last year, after excluding the profits from the sale of a stake in Magnati in the first quarter of 2022.
First Abu Dhabi Bank also recorded a jump in operating revenues by 52 percent in the first quarter of the year 2023 to 6.7 billion dirhams (about 1.82 billion dollars) compared to 4.4 billion dirhams in the first quarter of the year 2022, as a result of the continuous momentum of all business categories, and the promotion of product revenue development. in different regions.
