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First Abu Dhabi Bank Q3 profit rises YOY

First Abu Dhabi Bank PJSC reported third-quarter profit attributable to shareholders of the bank of 3.11 billion United Arab Emirates dirhams, up from 3.02 billion dirhams a year ago.

EPS for the period was 27 fils, compared to 26 fils in the third quarter of 2018.

Net interest income rose year over year to 3.33 billion dirhams from 3.26 billion dirhams, while net fee and commission income also increased, to 812.7 million dirhams from 804.6 million dirhams.

Net foreign exchange gain went up on a yearly basis to 612.7 million dirhams from 463.8 million dirhams. Net gain on investments and derivatives also fell over the same period to 273.7 million dirhams from 274.4 million dirhams.

The bank booked a net impairment charge of 469.5 million dirhams in the third quarter, up from the year-ago charge of 435.0 million dirhams. General, administration and other operating expenses reached 1.40 billion dirhams, up from 1.31 billion dirhams in the third quarter of 2018.

For the nine months ended Sept. 30, the lender's attributable profit rose year over year to 9.44 billion dirhams from 9.08 billion dirhams.

As of Oct. 24, US$1 was equivalent to 3.67 United Arab Emirates dirhams.