* Q2 net profit 1.35 bln dhs
* Earnings uplift driven by lending income
* Loan growth 4 pct q-o-q, 6 pct y-o-y
(Adds detail, context)
DUBAI, July 22 Abu Dhabi-based First Gulf Bank
matched analyst expectations by reporting a 16 percent
rise in second-quarter net profit on Tuesday, with earnings
growth propelled by lending income.
The second-largest lender by market value in the United Arab
Emirates made a net profit of 1.35 billion dirhams ($367.6
million) for the three months to June 30, it said in an emailed
The average forecast from six analysts polled by Reuters was
net profit of 1.33 billion dirhams for the quarter.
Earnings growth in the period was boosted by a 12 percent
year-on-year increase in net interest and Islamic financing
income, which rose to 1.65 billion dirhams on the back of an
improved net interest margin and higher lending.
Total lending stood at 128.2 billion dirhams at June 30, up
4 percent since March 31 and 6 percent on the same point of
2013. Deposits at June 30 were 137.5 billion dirham on June 30,
up 6 percent and 11 percent over the same timeframes.
Non-interest income also gained in the second quarter,
rising 18 percent year on year to 641 million dirhams on higher
contributions from subsidiaries.
"Our operational and financial performance throughout the
first half of 2014 bodes well for the second half of the year
and beyond," Chief Executive Andre Sayegh said in the statement.
($1 = 3.6728 United Arab Emirates dirhams)
(Reporting by David French; Editing by David Goodman)