April 19, 2017 / 2:16 PM / 5 months ago

CORRECTED-UAE's newly merged bank Q1 net profit rises 12.4 pct

(Corrects paragraph 2 to three months to March 31, not Jan. 31)

DUBAI, April 19 (Reuters) - National Bank of Abu Dhabi (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 March 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)

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