UAE’s First Gulf Bank Posts 7% Increase In Q1 Net Profit

First Gulf Bank, Abu Dhabi’s second-largest bank by market capitalization, posted a 7-percent rise in first-quarter net profit, helped by higher income from core banking business but the results fell slightly short of analysts’ forecasts.

The bank made a net profit of 935 million dirhams ($ 254.7 million) in the three months to March 31, up from 875.28 million dirhams in the prior-year period, FGB said in a statement on Monday.

The bank booked provisions of 412.7 million dirhams in first quarter, 10 percent lower compared to the year earlier period, it said.

Loans and advances stood at 104.58 billion dirhams ending March 2012, almost the same as at end December 2011. Deposits growth was flat at 103.7 billion dirhams ending March 2012 compared with end-December last year.

Total assets of the bank grew to 159.72 billion dirhams, compared with 157.48 billion dirhams in ending December 2011.
FGB shares rose 0.2 percent on the Abu Dhabi bourse prior to the results, Reuters reported.