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Tuesday, 31 January 2017

UPDATE 1-Contrasting results for merging Abu Dhabi lenders NBAD and FGB | Reuters

UPDATE 1-Contrasting results for merging Abu Dhabi lenders NBAD and FGB | Reuters:

"Abu Dhabi lenders First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), which are merging to create one of the largest banks in the Middle East and Africa, posted contrasting fourth-quarter results on Tuesday.

FGB, Abu Dhabi's third-largest lender by assets, reported an 11 percent fall in net profit for the three months to Dec. 31, narrowly beating analysts' expectations but was outshone by a 28 percent profit jump at NBAD.

The two banks, which are due to combine as a single entity from April 1, will disclose combined results from the second quarter onwards, NBAD Chief Financial Officer James Burdett said on an analysts' call on Tuesday."



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