DUBAI: First Gulf Bank (FGB) posted a 14 per cent rise in second-quarter net profit on the back of increased lending and a better net interest margin, beating analysts' forecasts.
It made a net profit of 1.02 billion dirhams ($278 million) for the three months ended on June 30, compared with 890m dirhams in the prior-year period, it said yesterday. Analysts had estimated an average profit of 950.
1m dirhams for the second quarter. Profit for the first six months of the year grew 11pc over the same period last year to 1.95bn dirhams. FGB's net interest margin expanded to 3.8pc at the end of the second quarter from 3.6pc at the end of March.