Business | Banking

First Gulf Bank's profit beats forecasts

First Gulf Bank, Abu Dhabi's second-largest lender by market value, made its seventh consecutive record profit in the first-quarter as income rose 66 per cent to Dh675 million ($183.8 million).

  • Reuters
  • Published: 00:28 April 10, 2008
  • Gulf News

Abu Dhabi: First Gulf Bank, Abu Dhabi's second-largest lender by market value, made its seventh consecutive record profit in the first-quarter as income rose 66 per cent to Dh675 million ($183.8 million).

Net income in the three months to March 31 exceeded two forecasts in a Reuters survey last month of Dh483 million and Dh561 million.

Net income in the year-earlier period was Dh405.9 million, according to financial statements posted on the stock market regulator's website. Earnings per share climbed 53 per cent to Dh0.49 and non-interest income more than doubled over the year-earlier period to Dh600 million, the bank said in a statement.

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