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UAE’s First Gulf Bank Posts 16% Q2 Profit Hike, Matches Estimates

UAE’s First Gulf Bank Posts 16% Q2 Profit Hike, Matches Estimates

The bank made a net profit of Dhs1.35 billion ($367.6 million) for the three months ending June 30.

First Gulf Bank (FGB), the second-largest lender by market value in the United Arab Emirates, posted a 16 per cent increase in second-quarter net profit on Tuesday, in line with the average estimate of analysts.

FGB made a net profit of Dhs1.35 billion ($367.6 million) for the three months ending June 30, it said in an emailed statement.

Six analysts polled by Reuters forecast an average net profit of Dhs1.33 billion for the quarter.

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