UPDATE 1- Abu Dhabi banks beat profit estimates, underscoring UAE recovery | Reuters:
"Abu Dhabi lenders First Gulf Bank (FGB) and Abu Dhabi Islamic Bank (ADIB) beat forecasts with second-quarter net profits on Wednesday, underscoring a strong reporting season for lenders in the United Arab Emirates.
Both registered strong growth in income from fees and commissions, reflecting an improved environment for business as the region's economy picks up.
FGB, the second-largest lender by market value in the UAE, reported profit of 1.17 billion dirhams ($318.5 million), up 15 percent from the corresponding period in 2012, the company said in an emailed statement."
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