Abu Dhabi First Bank's Profits Rise 61%

Abu Dhabi First Bank, the largest bank in the UAE by assets, announced on Thursday that its profits for the second quarter increased by 61% compared to the previous year due to a rise in income from interest and non-interest sources. The bank stated that its net profit reached 4.2 billion dirhams (1.14 billion dollars) in the second quarter. According to Refinitiv data, this exceeds the average analysts’ estimates for second-quarter profits at approximately 3.69 billion dirhams. The statement mentioned that the operating income in the second quarter rose by 37% year-on-year to 6.8 billion dirhams. The net cost of credit impairment was 676 million dirhams, a decrease of 15% from the first quarter. Lars Kramer, who was appointed as the bank's CFO in January, stated, "Despite ongoing adverse macroeconomic conditions globally, Abu Dhabi First Bank is very well positioned to achieve strong results and unleash its full potential as a regional banking powerhouse."