Abu Dhabi: The Board of Directors of First Gulf Bank (FGB) announced on Wednesday its full year 2009 financial results with Net Profit reaching a new record at Dh3, 310 million, representing a 10 per cent increase over the bank's 2008 results.
Abdul Hamid Saeed, Board Member and Managing Director commented on the results, "Once again, FGB delivers an outstanding financial performance in 2009.
At a time where the world is challenged by the global economic crisis, FGB emerges stronger and delivers record results. This reaffirms the bank's leading position as a very solid financial institution built on strong fundamentals."
"FGB continues to deliver strong results year after year. This consistent success is clearly attributed to the vision and sound business strategy from the Board of Directors. This vision is implemented by the highly qualified and experienced management team and the fully dedicated staff," said Andre Sayegh, Chief Executive Officer.
Net profit for the quarter was at Dh855 million, 27 per cent higher than same quarter of last year at Dh671 million.
Seventy-five per cent of the full year Net Profit of Dh3, 310 million was contributed by the Core Banking businesses of the Group mainly Retail, Corporate, Treasury, Investments and Islamic Finance.
The remaining 25 per cent was contributed by the subsidiaries and associate companies of the group, which falls in line with the bank strategy of a balanced diversification.
