FGB posts 31% net profit growth

Double digit increases in assets, deposits, investments and loans & advances contributed to healthy net profits at First Gulf Bank.

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By  David Ingham Published  February 3, 2003

First Gulf Bank (FGB), listed on the on Abu Dhabi Securities Market, posted net profit of Dhs80.6 million in 2002, 31% growth over 2001’s figure of Dhs61.7million.

Total assets grew to Dhs4,983,887 million, compared to Dhs3,444,710 million in 2001, growth of 45%. Total customer deposits grew 44% year on year, reaching just over AED 4 billion.

“Despite slow market growth and low interest rates experienced in the past two years, the bank’s profits grew by 23% in 2001 and 31% in 2002,” said Abdulhamid Saeed, chief executive officer, FGB. “We have focused on expanding our business in three profit groups: corporate banking, treasury & investment, and retail banking.”

Other notable figures were the 57% year on year growth in the value of investments, which reached Dhs1.06 billion at the end of 2002. Loans & advances also rose 62% from Dhs1,714,694 in 2001 to reach Dhs2,780,884 in 2002.

First Gulf Bank was listed on the Abu Dhabi Securities Market in June last year, where the share price has fluctuated from a low of Dhs4.12 to a high of Dhs5.8.

FGB’s results were audited by Ernst & Young and the board of directors will decide on the value of a cash dividend at a meeting on February 22.

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