Abu Dhabi – Mubasher: The net profits of First Abu Dhabi Bank (FAB) lowered by 22% to AED 7.3 billion during the first nine months of 2020 from AED 9.4 billion in the corresponding period of 2019.

Lower net profits are driven by an increase in allowances for impairment of value and decrease in revenues, partially compensated by cost control, according to a press release on Monday.

The bank's revenues reached AED 13.7 billion during the January-September period of 2020, down 10% from AED 15.2 billion in the year-ago period.

Meanwhile, the bank saw a net interest income of AED 9.18 billion in the first nine months of 2020, 6% lower than AED 9.7 billion in the corresponding period of the earlier year.

The basic earnings per share (EPS) stood at AED 0.85 in the first nine months of 2020, versus AED 1.1 in the same months of 2019.

During the third quarter (Q3) of 2020, the bank's net profits rose by 4% quarter-on-quarter (QoQ) to AED 2.5 billion from AED 2.4 billion.

It is noteworthy to mention that in the first half (H1) of 2020, the bank posted net profits attributable to the bank's shareholders of AED 4.819 billion, down 24% from AED 6.327 billion in the same half of 2019.