First Abu Dhabi Bank's profits rise 21% in the third quarter

First Abu Dhabi Bank's profits rose 21% to AED 5.4 billion in the third quarter of this year.

The profits exceeded Reuters' expectations of approximately 4.5 billion dirhams.

This was supported by a 14% growth in operating revenues, reaching AED 9.3 billion, and a 6.5% decline in provisions to AED 850 million.

Profits for the first nine months of the year also increased by 24% to AED 16 billion, supported by a 120% jump in net profits from investments and derivatives to AED 8.6 billion.

The bank's assets increased by 14% to AED 1.38 trillion by the end of September, compared to the end of last year.

Loans also grew by 13% to AED 596 billion by the end of the first nine months of this year, while deposits increased by about 8% to AED 848 billion.