FGB Jumps to Record on U.A.E. Loan-Growth Bets: Abu Dhabi Mover - Bloomberg

FGB Jumps to Record on U.A.E. Loan-Growth Bets: Abu Dhabi Mover - Bloomberg:

"First Gulf Bank PJSC (FGB) surged to a record on bets the United Arab Emirates lender, whose second-quarter profit beat analysts’ estimates, will benefit from a recovery in loan growth in the country.
Shares of the bank known as FGB, which is controlled by Abu Dhabi’s ruling family, increased 3.6 percent, the most since May 2001, to 17.45 dirhams at the close in Abu Dhabi. The stock was the biggest gainer on the Bloomberg GCC 200 Index (BGCC200) and the benchmark ADX General Index (ADSMI), which climbed 1.1 percent, taking its gain this week to 2.3 percent.
FGB yesterday reported quarterly net income of 1.17 billion dirhams ($319 million), beating the 1.08 billion-dirham average estimate of six analysts compiled by Bloomberg. Net interest income and income from Islamic financing grew 9 percent, according to its financial statement. The bank’s net interest margin of 3.6 percent compares with 2.54 percent for Commercial Bank of Qatar QSC, whose shares have retreated 4.7% since it reported results yesterday."

'via Blog this'