First Gulf Bank net up 50%

Net profit reached Dhs120.9 million in 2003 and the bank's financial ratios were up across the board.

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By  David Ingham Published  February 9, 2004

First Gulf Bank posted net profit of Dhs120.9 million in 2003, a 50% increase on Dhs80.6 million in 2002. Operating income reached Dhs268.5 million, a year on year rise of 63%. Non interest income, which the bank is particularly focused on growing, accounted for 35% of the total, up from 31% in 2002. “Our strategic planning and focused execution through three profit centres — corporate, treasury and investment and retail banking — has proved successful,” said Abdulhamid Saeed, FGB’s chief executive officer. “This is reflected in our financial results and financial ratios.” Those ratios included a return on capital of 31.1%, up from 21.5% in 2002, and a return on equity of 15.5%, up from 12.1 % in 2002. Total assets stood at Dhs7.2 billion by the end of 2003, up 45% year on year. Loans and advances reached Dhs5.1 billion and customer deposits stood as Dhs5.9 billion. The value of investments was Dhs1.2 billion. A dividend has been recommended, the value of which will be decided at the annual general meeting on February 15.

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