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First Gulf Bank Net Profit Vaults 50pc
ABU DHABI - The First Gulf Bank (FGB), one of the leading financial institutions in the UAE, has notched up a net profit of Dh3,005 million in 2008, representing a significant increase of 50 per cent over its previous year’s figures.
Disclosing this in a Press statement, the bank officials said the performance of the bank was impressive even in the fourth quarter of 2008 when the whole world was facing the brunt of the ongoing financial meltdown.
“In Q4 of 2008, the bank has recorded a net profit of Dh671 million, which is 8 per cent higher than the Dh621 million generated in the corresponding period of 2007,” the statement said quoting Abdulhamid Saeed, managing director of FGB.
FGB’s assets grew by 47 per cent to reach Dh107.9 billion by the end of 2008 and equity increased by 64 per cent to touch Dh16.6 billion. With the net profit exceeding Dh3 billion, the diluted earning per share is at Dh2.10 compared to Dh1.46 in 2007, representing a 44 per cent increase, the statement added.
The total revenue of the overall core banking activities increased by 71 per cent during the year from Dh 2,210 million to Dh 3,786 million. This was driven mainly by a 94 per cent increase in the net interest and Islamic Financing income, from Dh 1,331 million in 2007 to Dh 2,580 million in 2008, the statement said.
“Our core banking operations continue to perform strongly, which further underlines the bank’s status as a dynamic institution with a solid revenue generating power,” the statement said quoting Andre Sayegh, CEO of First Gulf Bank.
Customers’ deposits at Dh74.0 billion increased during the year by Dh21.7 billion representing an increase of 42 per cent. The loan to deposit ratio was at 107 per cent by end of December 2008, down from 114 per cent by end of September 2008.
As part of its revenue diversification strategy, the bank continued in 2008 to embark on its prudent geographical expansion programme, the statement said. The bank has officially inaugurated its operations in Libya, with First Gulf Libyan Bank starting its operation during the last quarter of 2008.
Moreover, it has undergone significant progress towards converting its Singapore representative office into a wholesale bank.
“We will continue to spread our international reach and gain presence in some of the world’s leading financial centres,” Sayegh said.
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