UAE lender FGB Q1 net profit rises 27 pct, beats estimates

DUBAI, April 23 Wed Apr 23, 2014 8:11am EDT

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DUBAI, April 23 (Reuters) - First Gulf Bank (FGB), the second largest lender by market value in the United Arab Emirates, posted a 27 percent jump in first-quarter net profit on Wednesday, beating analysts' forecasts.

The lender, majority-owned by Abu Dhabi's ruling family, made a net profit of 1.33 billion dirhams ($362.1 million) in the three months ending March 31, up from 1.05 billion dirhams in the prior-year period, it said in a statement.

Analysts polled by Reuters on average forecast FGB would make a quarterly profit of 1.23 billion dirhams. ($1 = 3.6730 UAE Dirhams) (Reporting by David French; Editing by Matt Smith)