UAE's biggest bank FAB sees 29% jump in Q2 net profit, beats estimate
The effort topped analysts' mean estimate of AED 4.35 billion, according to data provider LSEG.
Earnings per share also increased 29% to AED 0.49.
Operating income for Q2 was AED 9.49 billion, 22% higher YoY driven by a 61% YoY rise in non-interest income to AED 4.54 billion.
Net interest income edged up slightly on year to AED 4.95 billion.
Net impairment charges stood at AED 752 million, down 16% YoY.
For H1 2025, net profit jumped 26% YoY to AED 10.63 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time Out Abu Dhabi
2 hours ago
- Time Out Abu Dhabi
Here's what you need to know about the foreign transaction fees going up on UAE cards
Travelling abroad? Your next holiday might cost more than just flights and hotel bookings – especially if you're swiping a UAE-issued card. Starting September 22, UAE banks will raise the foreign transaction fee to 3.14 percent on all international purchases and ATM withdrawals made using credit or debit cards. Whether you're shopping on a U.S.-based website or booking a boutique hotel in Rome, the fee applies – and it's a noticeable jump from the current 2.09 percent. What's actually changing? Customers across the UAE have begun receiving notices from their banks confirming the change. The new fee structure typically includes: 1 percent currency conversion fee (charged by Visa, Mastercard, or Amex) 2.14 percent bank processing fee That adds up to a total 3.14 percent surcharge – so if you're spending Dhs5,000 abroad, expect to pay an extra Dhs157 in fees alone. The hidden fee trap: DCC One sneaky charge to avoid? Dynamic Currency Conversion (DCC). It might seem helpful when a foreign merchant offers to convert your purchase into dirhams on the spot, but it's rarely a good deal. DCC often comes with inflated exchange rates – sometimes adding 5-7 percent extra – and you may still be charged the full foreign transaction fee. Tip: Always choose to pay in the local currency, not AED, when using your card overseas. How to dodge the worst of the fees The 3.14 percent fee may be unavoidable for many travellers, but there are ways to cut the cost: Use a travel-friendly or 'no foreign fee' credit card: Some UAE banks offer cards that waive these fees entirely. Withdraw cash strategically: Pull out larger amounts at once rather than frequent ATM visits, which can each trigger fees. Say no to DCC: Stick with local currency whenever you're asked at a store, restaurant, or ATM. Try multicurrency prepaid travel cards: Some UAE fintechs offer these with fixed exchange rates and no added foreign transaction charges. Know your fees: Check your bank's app or fee schedule before you travel so you're not caught off guard. A homegrown alternative may be coming Later this year, the UAE is expected to roll out its Jaywan card internationally – a new payment system that could offer lower foreign transaction fees and better rates. It's not available globally just yet, but watch this space. The upcoming fee hike means UAE travellers will need to be more strategic with how they spend overseas. From choosing the right credit card to dodging costly conversions, a little prep could save you hundreds of dirhams on your next trip. Need some travel inspo? Travelling from Abu Dhabi is about to be so much faster Zayed International Airport is the world's first airport to make this change 18 countries offering visa-on-arrival to UAE residents Here's where to go UAE citizens now get visa-on-arrival for India: a game-changer for travellers That quick trip to India just got even easier
Khaleej Times
4 hours ago
- Khaleej Times
Al Ain to host Abu Dhabi World Grappling Championship
International Vision Sports Management (IVSM) has announced that the inaugural Abu Dhabi World Grappling Championship 2025 will take place from August 1 to 3, 2025, at ADNEC Centre Al Ain. This initiative is held in partnership with the Department of Culture and Tourism – Abu Dhabi (DCT) and under the banner of Abu Dhabi Jiu-Jitsu Pro (AJP). The event aims to cater to the surging global demand for combat sports, particularly grappling, one of the world's fastest-growing disciplines. The championship will feature hundreds of male and female athletes from over 20 countries, welcoming participants of all skill levels from youth and amateurs to masters and professionals. Across three action-packed days, the event will showcase elite competition, further cementing Al Ain Region's status as a premier destination for world-class combat sports. Saeed AL Dhaheri, Destination Management Department Director at the Department of Culture and Tourism – Abu Dhabi, said: 'As Abu Dhabi grows in prominence as a hub for major global sporting events, combat sports have emerged as an increasingly important pillar of our sport and entertainment vision for the emirate. Joining such IPs as Abu Dhabi Showdown Week, UFC Fight Nights, and the Jiu-Jitsu World Championships, we are proud to welcome the Abu Dhabi World Grappling Championship to our portfolio of leading events. We look forward to new audiences in Al Ain Region and across Abu Dhabi being introduced to this exciting and increasingly popular sport.' Tareq Al Bahri, General Manager of International Vision Sports Management, said: 'We are proud to launch the Abu Dhabi World Grappling Championship, the first of its kind globally, in Al Ain Region, Abu Dhabi. This event underscores the UAE's leadership in hosting elite combat sports, offering a platform for athletes worldwide to excel. 'With the support of the Department of Culture and Tourism – Abu Dhabi, we aim to deliver unparalleled competition and establish a lasting legacy for grappling in the region.' As part of the AJP Tour, the championship will adhere to the highest international standards. Competitors of all nationalities can participate across age divisions (U14, U16, U18, 18+, and 35+) in both amateur and professional categories. Winners will earn 2,000 ranking points and substantial cash prizes, ensuring fierce competition and top-tier performances. The event's opening day will focus on professional bouts up to the semi-finals, followed by youth and amateur competitions on the second day. The championship will conclude with third-place playoffs and thrilling finals.
Al Etihad
4 hours ago
- Al Etihad
Modon Holding posts Dh2.1 billion profit in H1
28 July 2025 22:42 ABU DHABI (ALETIHAD)Modon Holding delivered a net profit of Dh2.1 billion for the first half of 2025, marking a 4.2-fold increase compared to the same period last year (excluding one-off items), on the back of strong real estate sales, improved recurring income, and strategic Abu Dhabi-headquartered holding company also saw its revenue triple year-on-year to Dh6.5 billion, supported by high demand for new property launches and a growing portfolio of income-generating assets across hospitality, events, and asset management segments. Group EBITDA rose 4-fold to Dh2.9 billion, with margins expanding to 44%, driven by synergies, efficiency gains, and a more balanced portfolio mix.A key highlight was the company's record Dh10 billion in real estate sales, fuelled by strong uptake of flagship developments on Reem and Hudayriyat Islands. The firm's total revenue backlog reached Dh33 billion, providing strong forward visibility. Total assets climbed to Dh85 billion, up 12% from end-2024, while equity rose to Dh53 Jassem Mohammed Bu Ataba Al Zaabi said the first-half results marked 'another pivotal chapter' in Modon's transformation. 'Exceptional commercial performance and strategic delivery continue to accelerate our transformation, enabling us to scale across high-impact sectors. We remain focused on long-term value creation while reinforcing Abu Dhabi's position as a global hub for investment, innovation and sustainable urban development.'Group Managing Director Abdullah Al Sahi highlighted the disciplined execution of Modon's strategy. 'Continued expansion into priority markets such as the UK and North America, alongside targeted growth across Egypt and Spain, reflects our commitment to building a future-ready portfolio with global reach.'Group CEO Bill O'Regan attributed the strong results to Modon's diversified model and focused execution. 'Revenue and EBITDA grew significantly, driven by high-demand real estate launches, stable recurring income and disciplined capital deployment. Record sales of Dh10 billion and a robust development pipeline reinforce forward visibility.' Modon also advanced its international footprint with investments in the UK and Egypt, including the launch of Gridora, a new infrastructure platform, and the acquisition of global events firm Arena. With Dh5.5 billion in sales already recorded in July through its Wadeem residential plot launch, Modon enters the second half with strong momentum.
