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DUBAI, April 19 (Reuters) - National Bank of Abu Dhabi
NBAD.AD
(NBAD) and First Gulf Bank (FGB), the newly merged lender, on Wednesday posted a pro-forma first quarter net profit rise of 12.4 percent.
NBAD and FGB formally merged on April 1.
The merged bank made a net profit of 2.93 billion dirhams ($797.80 million) in the three months ending Jan. 31, according to a statement.
Pro-forma group net profit increased by 12.4 percent from last year, driven by healthy activity across our various businesses and notable improvements in efficiency and asset quality, the bank said. ($1 = 3.6726 UAE dirham)
(Reporting By Tom Arnold; editing by Saeed Azhar) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
NBAD and FGB formally merged on April 1.
The merged bank made a net profit of 2.93 billion dirhams ($797.80 million) in the three months ending Jan. 31, according to a statement.
Pro-forma group net profit increased by 12.4 percent from last year, driven by healthy activity across our various businesses and notable improvements in efficiency and asset quality, the bank said. ($1 = 3.6726 UAE dirham)
(Reporting By Tom Arnold; editing by Saeed Azhar) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
