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First Gulf Q3 profit rises 8pc

Abu Dhabi, October 25, 2011

Abu Dhabi's First Gulf Bank on Monday reported an 8 per cent rise in third quarter net profit driven by higher revenues and beating analyst forecasts.

The bank reported a net profit of Dh920 million ($250.68 million) up from Dh849 million in the same quarter last year. Analysts polled by Reuters forecast an average net profit of Dh860.29 million.

Net interest and Islamic financing revenue in the third quarter was Dh1.35 billion, up 26 per cent from the same period last year.

"This success can be attributed to our cautious yet diverse approach to the financial and business markets," Chief Executive Andre Sayegh said in a statement.

"The UAE medium and long-term fundamentals are clearly very strong, we are well placed to witness future growth in this market."

Net profit for the first nine months of the year was Dh2.7 billion, up 5 per cent over the same period last year.

But fees and commissions fell 40 per cent to Dh261 million due to "regulatory changes in retail lending in the UAE."

Loans and advances grew 7 per cent to Dh102 billion in the third quarter while deposits grew 4 per cent to Dh96.0 billion. Total assets stood at Dh156.3 billion at the end of September 2011, up 11 per cent over that of December 2010.

The bank booked Dh379.3 million in loan provisions in the third quarter versus Dh406.2 million, down 7 per cent, it said in the statement. – Reuters

Tags: abu dhabi | First Gulf Bank | profit | Third quarter |

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