First Gulf Bank’s net profits up 76 percent in 1Q 2003
First Gulf Bank (FGB) posted 27.7 million Emirati dirhams ($7.5 million) in profits, a 76 percent increase compared to first quarter last year's profits of Dh 15.8 million. The bank recorded the highest growth in profits compared to other banks in the UAE for 2002, where profits grew by 31 percent to Dh 80.6 million.
FGB's net operating income reached Dh 51.8 million, 52 percent higher than last year's income for the same period. Moreover, the bank was among the top five banks in the UAE in terms of shareholders' equity growth where it grew by 20 percent to Dh 669 million.
Total assets reached Dh 5.4 billion, higher than December 2002's figure of eight percent. Total loans and advances increased by 29 percent, to reach Dh 3.6 billion, compared to December 2002. -- (menareport.com)
© 2003 Mena Report (www.menareport.com)