First Gulf lists on ADSM

First Gulf Bank (FGB), one of the UAE’s fastest growing financial institutions, has been listed on the Abu Dhabi Securities Market (ADSM).

  • E-Mail
By  Massoud Derhally Published  June 23, 2002

First Gulf Bank (FGB), one of the UAE’s fastest growing financial institutions, has been listed on the Abu Dhabi Securities Market (ADSM).

Abdulhamid Saeed, FGB’s CEO said: “We are proud to be listed on ADSM and this move will now provide transparency to the shareholders and potential investors.

“By trading FGB’s 374.4 million shares, the shareholders will benefit by electronic record keeping and ADSM’s safe custody, which will also allow efficient and swift trade transactions.”

FGB’s net income was Dhs 18.1million at the end of the first quarter of 2002, a 58% increase on the same period last year.

The bank said its total assets increased from Dhs 2.6 billion to Dhs 3.3 billion as of end Quarter 1, 2002, a 24% increase on the same period last year. The Corporate Banking Group increased overall loan portfolio from Dhs 1.4 billion to Dhs 1.9 billion, customer deposits from Dhs 1.8 billion to Dhs 2.6 billion, a 31% and 39%, treasury and investment banking investments increased to Dhs 865 million, compared to Dhs 63 million in the same period last year.

“This sterling performance is the result of our strategy and direction; our customer-centric approach provides premium innovative services and groundbreaking products, which have had a positive impact on our end results,” said Saeed.

“This move will help achieve FGB’s objective of putting the first into banking,” he added

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code