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FGB, Adib beat profit estimates for Q2

Dubai, July 24, 2013

Abu Dhabi lenders First Gulf Bank (FGB) and Abu Dhabi Islamic Bank posted rises in second-quarter net profits on Wednesday, beating analysts' forecasts.

FGB, the second largest lender by market value in the United Arab Emirates, reported a profit of 1.17 billion dirhams ($318.5 million), up 15 percent from the corresponding period in 2012, the company said in a emailed statement.

Seven analysts polled by Reuters had estimated an average quarterly profit of 1.085 billion dirhams.

Meanwhile, Abu Dhabi Islamic Bank said its group net profit for the second quarter was 371.4 million dirhams, compared with 322.6 million dirhams in the second quarter of 2012.

This also beat forecasts of two analysts polled by Reuters, who had predicted a profit of 370 million and 301 million dirhams.

Abu Dhabi's biggest sharia-compliant lender said net profit for its banking operations alone was 423.6 million dirhams against 396.6 million dirhams in the prior-year period. – Reuters




Tags: banks | profits | First Gulf | Abu Dhabi Islamic | Second quarter |

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