FGB rises after Q2; Abu Dhabi on week high - Stocks - ArabianBusiness.com

Large-cap stocks pushed Abu Dhabi's index to a week high, with First Gulf Bank edging higher after posting estimate-beating quarterly results.

The lender gained 0.3 percent to AED17.85, after posting a 13 percent rise in second quarter net profit, helped by a rise in net interest income.

'Earnings were lower than our slightly optimistic estimate of AED1bn, mainly due to higher-than-expected provisions,' EFG-Hermes said in a note. 'We maintain our Buy rating on FGB as our fair value of AED24.30.'

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