UPDATE 1-Newly-merged UAE bank posts 12 pct rise in Q1 profit | Reuters:
"National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), which merged on April 1 to create one of the largest banks in the Middle East and Africa, posted on Wednesday a 12.4 percent rise in combined "pro-forma" first quarter net profit. Pro-forma net profit reached 2.93 billion dirhams ($797.80 million) in the three months to March 31, they said in a statement, up from 2.60 billion dirhams in the year earlier period. Analysts only provided forecasts for the two separate lenders - 1.31 billion dirhams for NBAD and 1.41 billion dirhams for FGB, according to the average estimates of three analysts polled by Reuters."
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