Business | Banking

First Gulf Bank profits up by 20 per cent

First Gulf Bank (FGB) experienced a 20 per cent growth in its second quarter net profits reaching Dh808 million, the bank reported on Wednesday.

  • Staff Report
  • Published: 15:08 July 9, 2008
  • Gulf News

Dubai: First Gulf Bank (FGB) experienced a 20 per cent growth in its second quarter net profits reaching Dh808 million, the bank reported on Wednesday.

This represents an increase of 70 per cent over the same quarter in 2007 and is 20 per cent higher than the first quarter of this year.

“FGB has delivered yet another outstanding quarter,'' said André Sayegh, FGB's Chief Executive Officer.

“In line with our strategy, we have been consistently outperforming quarter over quarter, and have witnessed strong growth in our core banking operations and in our subsidiaries and associate companies,'' he added.

Net interest and Islamic financing for the quarter reached Dh622 million, which is 112 per cent higher than the same quarter last year and 47 per cent higher than the previous quarter.

Non-interest income, including share of profit of associates, at Dh591 million was 65 per cent higher than same quarter of last year.

The total revenue for the quarter stood at Dh1,213 million, of which the contribution of the core banking operations represented 91 per cent.

At the end of June 2008, FGB reported a very strong balance sheet with total assets at Dh94 billion, 65 per cent higher than June last year and 29 per cent higher than December 2007.

Compared with the same periods, loans at Dh66 billion were higher by 92 per cent and 48 per cent respectively.

Deposits increased by Dh10 billion during the second quarter of 2008 to reach Dh61 billion, while, total shareholders' equity stood at Dh11.3 billion.

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