First Gulf Bank doubles profits

Abu Dhabi-based bank has doubled its net profit for the first quarter of this year.

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By  David Robinson Published  April 11, 2005

Abu Dhabi-based First Gulf Bank has doubled its net profit for the first quarter of 2005 to Dh107 million (US$29.13 million) from Dh51 million during the same period last year. Abdulhamid Saeed, chief executive officer, said the bank has a clear vision to be a world class organisation, maximising value for all stakeholders. "Our emphasis on our core values and business focus on three profit centres ensures we exceed the expectation of all our stakeholders," he said. The Net Operating Income increased by 87% reaching Dh165.2 million compared to Dh88.2 million of the same period last year. The interest income has increased to Dh74.1 million while Other Income increased by 165% to Dh91.1 million compared to Dh34.4 million of the same period last year. The bank has expanded its business operation during the first three months of this year resulting in an increase of 51%in the loans and advances to Dh8.6 billion, compared to Dh5.6 billion of the same period last year. Furthermore, the total assets recorded a growth of 63 per cent reaching Dh13.1 billion compared to Dh8.1 billion in the same period of last year. The customer deposits increased 45% to Dh9.9 billion compared to Dh6.8 billion in the same period of last year. The earning per share indicated a return of 26 fils in the first quarter compared to 13 fils of the same period last year.

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