Major stock markets in the Gulf traded higher on Wednesday, with the Abu Dhabi index leading the gains, boosted by top lender First Abu Dhabi Bank.
In Abu Dhabi, the index .ADI advanced 1.1%, buoyed by a 1.5% gain in First Abu Dhabi Bank (FAB) FAB.AD and a 3.5% jump in Aldar Properties ALDAR.AD.
FAB, the United Arab Emirates' largest lender, posted a net profit of 10.6 billion dirhams ($2.89 billion) in the year ended Dec. 31, down from 12.5 billion dirhams in the same period a year earlier.
The net profit, however, came in better than analysts' average forecast of 9.36 billion dirhams, according to Refinitiv data.
Dubai's main share index .DFMGI gained 1.1%, with sharia-compliant lender Dubai Islamic Bank DISB.DU rising 2.2%, while Emirates NBD ENBD.DU traded 1.7% higher after the lender posted its full-year numbers.
Saudi Arabia's benchmark index .TASI added 0.1%, bolstered by a 0.6% increase in Al Rajhi Bank 1120.SE.
The kingdom's economy will grow 2.6% this year, the International Monetary Fund said on Tuesday, after the economy of the world's top oil exporter shrank last year due to low oil prices and the coronavirus crisis.
Saudi Arabia itself has estimated its economy could swing back to growth of 3.2% this year after a 3.7% contraction in 2020.
In Qatar, the index .QSI edged up 0.1%, helped by a 1.4%gain in Qatar National Bank <QNBK.QA, the Gulf's biggest lender by assets.
The index's gains, however, were capped by a 1.6% decline in Commercial Bank COMB.QA, which is scheduled to report its 2020 results.
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