4.04 PM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

EFG-Hermes rates First Gulf Bank neutral

Published
By Agencies

 

EFG-Hermes assigned a "neutral" rating to Abu Dhabi's First Gulf Bank, saying the company's results, though ahead of the investment bank's high expectations, were a little short on quality.
 

Net interest income was in line with expectations, rather than ahead, as loan growth sank back a little from the previous levels and spreads took a hit from competitive pressure and higher liquidity, EFG-Hermes said in a note.


The investment bank has a long-term fair value of Dh19.39 on the stock.

On January 29, the bank reported a 57 per cent rise in fourth-quarter net income. (Reuters)