Operations-wise, most contingency planning seems to be by sea, enabling movement of larger groups
The Abu Dhabi-based bank’s net profit declined to Dh775 million compared with the Dh808 million earned a year earlier period, the bank said in a statement issued on Tuesday.
The lender announced that its net profit in the second quarter of 2009 reached Dh775 million, a three per cent increase over the first quarter of this year. The net profit for the first half of this year stood at Dh1.53 billion, also three per cent higher than the Dh1.48 billion generated during first half of 2008.
“2009 continues to be a challenging year for the entire banking industry. Our performance has been a strong evidence on the bank’s ability to navigate the current difficult market conditions, André Sayegh, Chief Executive Officer of the bank, said.
Core Banking businesses namely corporate, retail, treasury, investments and Islamic banking generated a 96 per cent of the total half-year net profit.
“Our core banking businesses remain of high strategic importance as they continue to outperform. Along this line, we will pursue our strategy to develop innovative products, enhance our offerings and the quality of services, which we provide to our customers,” Sayegh said.
During the quarter additional loan portfolio general provisions of Dh260 million were taken over and above the Dh220 million booked during the first quarter of 2009.
The total loan provisions on the balance sheet stood at Dh1.6 billion by the end of June 2009, representing 1.8 per cent of the total gross loans. This includes an adequately earmarked provision for FGB’s exposure to Al Gosaibi and Saad groups. The Non Performing Loans to Gross Loans Ratio by the end of second quarter of 2009 was at 1.1 per cent and the Provision Coverage Ratio at 165 per cent. “With such levels of prudent loan provisions, high liquidity and high capitalisation, the bank is in a very comfortable position to continue with its conservative and diversified growth plans,” Sayegh said.
Total operating income generated in the first six months of 2009 stood at Dh2.63 billion, which is 17.5 per cent higher than the total operating income generated in the same period of 2008.
The earning per share was Dh0.97 for the first six months of the year, compared to the Dh1.08 for the same period of 2008.
Net interest and Islamic financing for the quarter at Dh958 million is 54 per cent higher than the same quarter of last year and 9 per cent higher than the first quarter of 2009. That makes the total of the first two quarters of the year at Dh1.83 billion which is 75 per cent better than the same period of last year. The net interest margin improved from 3.59 per cent in the first quarter of 2009 to 3.75 per cent in the second quarter of 2009.
Operations-wise, most contingency planning seems to be by sea, enabling movement of larger groups
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