x Abu Dhabi, UAEWednesday 17 January 2018

Abu Dhabi lenders post sharp quarterly profit growth

First Gulf Bank’s third-quarter earnings grew 13 per cent from the same period last year, while Abu Dhabi Islamic Bank’s quarterly income climbed 20 per cent.

Abu Dhabi’s two biggest banks reported sharp profit rises yesterday.

First Gulf Bank’s third-quarter earnings grew 13 per cent from the same period last year, while Abu Dhabi Islamic Bank’s quarterly income climbed 20 per cent.

Their performances were bolstered by the economic upswing as more companies and individuals took out loans for business expansion and property purchases.

Third-quarter net income at FGB was Dh1.19 billion, and Dh395.5 million for ADIB.

Shares of FGB, which have rallied 42 per cent this year, closed 0.9 per cent lower to Dh16.45 a share.

ADIB’s shares rose 0.2 per cent to Dh4.81, bringing its gain this year to 51 per cent.

The bank’s chief executive, Tirad Al Mahmoud, said: “On the back of three quarters of sustained asset and profitability growth, our outlook for the full year is positive and we remain committed to our growth strategy.”

Over at FGB, Abdulhamid Saeed, its managing director, said while the lender would always focus on the UAE, it was also reinforcing its global presence, especially in Asia.

mkassem@thenational.ae