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.
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.