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FGB stock rises in mid-session on Q3 profits

FGB stock rises in mid-session on Q3 profits
FGB posted a growth of 31% in its profits to reach AED 1.86 billion ($506 million) in Q3-16 (Photo Credit: Arabianeye-Reuters)
FGB
FGB
-0.39% 12.90 -0.05

By: Mahmoud Gamal

Dubai – Mubasher: First Gulf Bank’s (FGB) stock witnessed gains in Thursday’s mid-session, backed by the higher-than-expected results reported for the third quarter of 2016.

FGB rose 2.3% to AED 11.10, with a turnover of AED 43.57 million generated from the exchange of 3.9 million shares.

The bank posted a growth of 31% in its profits to reach AED 1.86 billion ($506 million) in Q3-16, compared to AED 1.42 billion ($386 million) in the same period last year.

FGB’s profits beat previous estimates of AED 1.75-1.80 billion in Q3-16, financial market analyst Wael Al Muhaisen said.

The stock targets to reach AED 11.5%, capital market analyst Salem Al Muzaini said, adding that a break above such level will lead the stock to rise to AED 12-13.

 Abu Dhabi’s main index gained 0.56% during the same time, while the banks sector grew 1.13%.

Translated by: Julian Nabil