First Abu Dhabi Bank, the largest UAE bank, achieved a 3% increase in first quarter net profit in the 2021/2022 current year.
First Abu Dhabi said it expected to benefit from an acceleration of economic activity and corporate business.
The Bank announced a net profit of 2.476 billion dirhams ($675.23 million) for the period ending 31 March, compared to 2.408 billion dirhams in the same period a year earlier.
Analysts had forecast a net profit of 2.69 billion dirhams, according to three analysts' average estimates.
Yesterday, Dubai National Emirates Bank announced a 12% increase in first - quarter net profits, attributed to improved economic conditions following the fallout from the COVID-19 pandemic and a significant decline in depreciation allocations.
First Abu Dhabi Bank was able to establish its leading position as the most profitable bank in the United Arab Emirates with a net profit of 10.6 billion dirhams for 2020.
It is reported that First Abu Dhabi Bank announced Wednesday that the transfer of shares to complete the takeover of 100% of the capital of the Bank of Odeh Egypt, which belongs to the Lebanese Bank Group of Odeh, will commence after obtaining the necessary legal and regulatory approvals.
In a statement, First Abu Dhabi Bank said that, following the completion of the stock transfer, First Abu Dhabi Bank would begin amalgamating the assets and operations of Awad Bank (Egypt) and Abu First Abu Dhabi Bank - Egypt, and that the merger was expected to be completed in 2022.
The bank added that, following the transfer of shares, the acquisition would contribute to making First Abu Dhabi Bank one of the largest international banks operating in the Arab Republic of Egypt in terms of assets, valued at over 130 billion Egyptian pounds ($8.5 billion) after consolidation on 31 December 2020.