GulfBase Live Support
Leave a message and our representative will contact you soon
01/02/2017 06:12 AST
Abu Dhabi’s First Gulf Bank (FGB), which is merging with the National Bank of Abu Dhabi (NBAD), reported an 11 per cent fall in fourth-quarter net profit on Tuesday as expenses rose and operating income dipped, but beat analysts’ expectations.
FGB made a net profit of Dh1.52 billion in the three months to December 31, it said. This compares with a profit of Dh1.71bn a year earlier.
Three analysts surveyed by Reuters forecast its fourth-quarter net profit would average Dh1.37bn.
Fourth-quarter operating income was Dh2.4bn, down 12 per cent from Dh2.73bn a year earlier.
FBG and NBAD’s shareholders approved on December 7 the merger between the two Abu Dhabi lenders, which will create the Middle East’s biggest bank by assets, surpassing the current leader Qatar National Bank.
The merger, which will cut down on costs by removing duplicate posts and sharing resources, has also been approved by the Central Bank of the UAE but requires further approval from international regulators and the UAE’s market regulator, the Securities and Commodities Authority.
Egyptian Investment Bank EFG-Hermes has forecast that profit at 9 UAE banks it covers would fall by 8 per cent year-on-year in the fourth quarter because of a rise in provisions and tighter spreads.
It forecast FGB’s fourth quarter net profit would dip 23 per cent to Dh1.32bn.
Abdul Aziz Al Ghurair, the head of the UAE Banks Federation, said in November that banking sector profits may fall between 10 and 20 per cent in 2016 versus 2015 as a slowing economy takes its toll on loan growth.
The National
30/03/2017
The Abu Dhabi lender FGB will have its shares delisted from the stock exchange today ahead of its merger with National Bank of Abu Dhabi (NBAD).
Shares in the new entity, which retains the
The National
01/03/2017
The merger of First Gulf Bank (FGB) with National Bank of Abu Dhabi (NBAD) will lead to a stronger financial institution that can compete at the international level and capture trade that is coming t
Gulf News
01/03/2017
The merger of First Gulf Bank (FGB) with National Bank of Abu Dhabi (NBAD) will lead to a stronger financial institution that can compete at the international level and capture trade that is coming t
Gulfnews
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News