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FGB Defies Downturn, Posts Record Net Profit of Dh3.3b
ABU DHABI - Defying the impacts of global financial downturn, the Abu Dhabi-based First Gulf Bank, or FGB, has notched up a record net profit of Dh 3.31 billion in 2009, representing a 10 per cent increase over the bank’s 2008 results.
Net Profit for the last quarter was at Dh855 million, 27 per centhigher than same quarter of last year at Dh671 million, the bank said in a Press release issued after the board meeting held here on Wednesday.
The bank had however earned a net profit of Dh930 million in the third quarter of 2009, even after provisioning for the exposure to the troubled Al Goseibi and Saad Groups of Saudi Arabia. The release disclosed that 75 per cent of the full year net profit of Dh3,310 million was contributed by the core banking businesses of the group mainly retail, corporate, treasury, investments and Islamic finance. The remaining 25 per cent was contributed by the subsidiaries and associate companies of the group, which falls in line with the bank strategy of a ‘balanced diversification.’
Earning Per Share or EPS stood at Dh2.09 in2009, compared to Dh2.10 at the end of year 2008.
“Among the banking sector, our earnings per share is by far the highest. Maximising value for our shareholders is a primary objective for FGB,” the release claimed quoting Andre’Sayegh, Chief Executive Officer.
The loans and advances book has grown by 13.9 per cent to reach Dh90.4 billion by end of December, which represents 72 per cent of the total assets of the Group. Corporate loans represented 70 per cent of the total and the remaining 30 per cent was retail loans.
The quality of the loan book is in line with the international standards, the release claimed. The ratio of non-performing loans to gross loans stood at 1.6 per cent and the provision coverage ratio was maintained at a high 174 per cent. However, when contacted by Khaleej Times, the spokesperson for the bank did not divulge what was the amount earmarked as provision for meeting the exposure to the troubled Al Goseibi and Saad Groups of Saudi Arabia.
Total deposits stood at Dh86.4 billion, after the conversion of the Federal Government deposit of Dh4.5 billion from customers’ deposits into Tier II Capital. With this conversion, the adjusted loan to deposit ratio increased from 100 per cent to 105 per cent. The Advance to Stable Deposit Ratio as calculated by The Central Bank of the UAE was by year end at 86 per cent, which is far below the regulatory maximum of 100 per cent, the release said.
The Government of Abu Dhabi injection of Tier I Capital Notes and the conversion of the Federal Ministry of Finance Deposits into Tier II Capital boosted the capital adequacy ratio by end of 2009 to 23 per cent, where the Tier I Ratio is at 19 per cent, one of the highest in the banking industry.
The total shareholders’ equity base was Dh23 billion at the end of 2009.
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