UAE’s First Gulf Bank says Q3 net profit up 31%
First Gulf Bank (FGB), the third-largest lender by assets in the United Arab Emirates, beat estimates yesterday as it posted a 31 percent rise in third-quarter net profit. FGB, which is being merged with rival National Bank of Abu Dhabi, made a net profit of 1.86 billion dirhams ($506.5 million) in the three months ending Sept. 30, it said in a statement. This compared to 1.42 billion dirhams in the same period a year earlier, while the average forecast of analysts polled by Reuters was for a net profit in the quarter of 1.37 billion dirhams. Merging NBAD and FGB, as recommended by the boards of the two lenders in July, would create one of the largest banks by assets in the Middle East and Africa. The deal is expected to be completed in the first quarter of 2017.