UAE’s First Gulf Bank says Q3 net profit up 31%

Kuwait Times - - BUSINESS -

ABU DHABI:

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.

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