First Gulf Bank and Abu Dhabi Islamic Bank beat analysts’ forecasts for Q2

Abu Dhabi-based banks posted their net profit results for the second quarter in 2013. (File photo: Reuters)

Abu Dhabi lenders posted a 15 percent to 16 percent increase in Q2 net profit, beating analysts’ forecasts.

FGB, the second largest lender by market value in the UAE, reported a net profit of 1.17 billion dirhams ($318 million) which was up 15 percent from the corresponding period in 2012. That compares with analyst estimates that predicted the bank would make $294m for the quarter.

Meanwhile, Abu Dhabi Islamic Bank said its group net profit for the second quarter was $101m, an increase of 15 percent from the corresponding quarter of 2012. That beat the average of analysts’ forecasts that averaged $92m.

On the other hand, even though National Bank of Abu Dhabi posted a rise of 16 percent in second quarter net profit to $329m, these results came below the average forecast of analysts which stood at $329m.

Last Update: Wednesday, 20 May 2020 KSA 09:40 - GMT 06:40