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26 February 2024

EFG-Hermes rates First Gulf Bank neutral

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)