First Gulf Bank Second-Quarter Profit Rises 14%

July 24 (Bloomberg) -- First Gulf Bank PJSC, a lender controlled by Abu Dhabi’s ruling family, posted a 14 percent increase in second-quarter profit, beating analysts’ estimates.

Net income advanced to 1.02 billion dirhams ($277 million) from 890 million dirhams a year earlier, the bank said in an e- mailed statement today. The mean estimate of five analysts was for a profit of 955 million dirhams, according to data compiled by Bloomberg.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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