FGB Q3 profit rises 15%

First Gulf Bank (FGB), the second-largest lender by market value in the UAE, posted a 15-per cent rise in third-quarter net profit, beating analysts' forecasts.

The lender made a net profit of Dh1.05 billion ($285.9 million) for the three months ending September 30, compared with Dh920 million in the prior-year period, it said in a statement on Monday.

Analysts polled by Reuters had estimated an average profit of Dh1.02 billion for the third quarter.

Profit for the first nine months of the year grew to Dh3 billion. FGB made Dh2.7 billion in the same period of 2011.

Provisions rose 5 per cent in the third quarter of 2012 to Dh398.6 million, the bank said, up from Dh379.3 million last year.

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