First Gulf Bank posts 7% rise in Q1 net profit

Abu Dhabi's second largest bank is helped by higher income from core business
First Gulf Bank posts 7% rise in Q1 net profit
PROFIT RISE: Abu Dhabis second-largest bank by market value posted a profit of AED787mfor the three months to June 30.(ITP Images)
By Reuters
Mon 23 Apr 2012 06:53 PM

First Gulf Bank, Abu Dhabi's second-largest bank by market capitalisation, posted a 7 percent rise in first-quarter net profit, helped by higher income from core banking business but the results fell slightly short of analysts' forecasts.

The bank made a net profit of AED935m ($ 254.7m) in the three months to March 31, up from AED875.28m in the prior-year period, FGB said in a statement on Monday.

Analysts polled by Reuters had on average forecast a net profit of AED944m for the quarter.

The bank booked provisions of AED412.7m in first quarter, 10 percent lower compared to the year earlier period, it said.

Loans and advances stood at AED104.58bn ending March 2012, almost the same as at end December 2011. Deposits growth was flat at AED103.7bn ending March 2012 compared with end-December last year.

Total assets of the bank grew to AED159.72bn, compared with AED157.48bn in ending December 2011.

FGB shares rose 0.2 percent on the Abu Dhabi bourse prior to the results.

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