First Gulf Bank shares rise after results beat forecasts

Markets Update: First Gulf Bank, a lender controlled by Abu Dhabi's ruling family, rises the most in more than two months after third quarter results beat analyst estimates.

Abu Dhabi's First Gulf Bank rose the most in more than two months after third quarter results beat analyst forecasts.

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The shares gained 3.5 per cent, the most since August 23, to Dh14.75.

Net income climbed to Dh920 million, compared with Dh848 million in the year earlier period. A consensus of analysts expected the lender to report a profit of Dh806 million.

The Abu Dhabi Securities Exchange General Index rose 0.4 per cent to 2456.54 points.

Financial stocks weighed on Dubai's index. Dubai Islamic Bank lost 0.5 per cent to Dh1.94 a share. Dubai Investments lost 0.5 per cent to 69 fils a share. Tamweel, an Islamic mortgage company, lost 1.1 per cent to 69 fils a share. The Dubai Financial Market General Index lost 0.2 per cent to 1357.10 points.

Elsewhere in the region, Kuwait's index lost 0.1 per cent to 5910.90 points. Bahrain's measure was unchanged at 1144.40 points. Oman's MSM 30 Index was little changed at 5543.84 points. Qatar's QE Index was flat at 8458.00. The Saudi Tadawul All-Share Index was little changed at 6132.25 points.