First Gulf Bank net profit increases by 47% in first half of 2002
First Gulf Bank (FGB) reported a net profit of AED 36.8 million in net profit in the first half of 2002, marking 47% growth compared to the same period a year earlier. <br>
First Gulf Bank (FGB) reported a net profit of AED 36.8 million in net profit in the first half of 2002, marking 47% growth compared to the same period a year earlier.
“The UAE market has a lot of growth opportunities in the banking sector, and FGB is committed to expand its business, offering comprehensive financial products and services,” said Abdulhamid Saeed, chief executive of FGB, in a bank statement.
In line with First Gulf Bank’s strategy to generate more fee based income, the non interest income for the first half of the year reached AED 37.4 million, an increase of 260% compared to first half 2001. The bank saw growth in total loans and advances portfolio reaching AED 2 billion, an increase of 30% compared to AED 1.5 billion during the same period last year. Total assets also grew to AED 3.9 billion, a 32% increase since June last year.
FGB’s business plan to diversify into treasury and investments has led to a growth of AED 1 billion, a 559% jump since June 2001. Customer deposits reached AED 3 billion, an increase of 31% compared to the same period last year.
FGB was listed in the Abu Dhabi Securities Market on June 22 this year, allowing 15% foreign ownership on its shares that started at AED 4.05 and have reached a high AED 4.52 per share recently.