First Gulf Bank posts $30 million net profit for 2002
First Gulf Bank (FGB) achieved an 80.6 million Emirati dinar ($29.9 million) net profit in 2002, a 31 percent growth compared to last year's profit of Dh 61.7 million. The bank’s total operating income increased by 38 percent in 2002 compared to a 24 percent growth in 2001. Total net income reached Dh 80.6 million.
FGB's net interest income reached Dh 113.9 million, an increase of 30 percent since last year. Other income has increased by 61 percent reaching Dh 50.7 million and contributing 31 percent to the total operating income.
Total net loans and advances grew by 62 percent reaching Dh 2.8 billion, compared to 22 a percent growth in 2001. Total assets of the bank reached five billion dirhams, a 45 percent increase since last year. Total customer deposits grew by 44 percent, reaching four billion dirhams. Investments grew to Dh 1.06 billion, a 57 percent increase since last year.
FGB's return on capital reached 21.5 percent, higher than last year's return of 17.1 percent. Return on equity is at 12.1 percent compared to 11.1 percent in 2001.
FGB was listed in the Abu Dhabi Securities Market in June last year where the share price fluctuated from a low of Dh 4.12 to a high of Dh 5.8. Looking at the banking sector in the securities market, FGB had the highest price growth of 33 percent and was the highest traded share with a volume of 23.5 million shares. — (menareport.com)
© 2003 Mena Report (www.menareport.com)