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UAE LENDER MISSES FORECAST

First Gulf Bank Q1 net profit jumps 12pc

Abu Dhabi, April 29, 2013

 

First Gulf Bank (FGB), the second-largest lender in the UAE by market value, posted a 12 per cent increase in first-quarter net profit on Monday but missed the average forecast of analysts.
 
FGB made a net profit of Dh1.05 billion ($285.9 million) in the first three months of 2013, up from Dh934.7 million in the same period of last year.
 
Five analysts polled by Reuters had on average expected a profit for the period of Dh1.1 billion.
 
Bad loan provisions for the first quarter were Dh433.3 million, up from the Dh412.7 million in the corresponding period of 2012.-Reuters



Tags: UAE | First Gulf Bank | Bank |

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