First Gulf Bank records 43 percent net profit increase
United Arab Emirates (UAE)’ First Gulf Bank has reported a net profit of 81.6 million Emirati dirhams ($22 million) for the period ending on September 30, 2003, posting a 43 percent increase compared to the same period last year.
The total operating income reached Dh 184.2 million as of end of September 2003, an increase of 61 percent compared to the same period last year. The net interest income increased by 44 percent to Dh 120.6 million, and other income increased by 107 percent compared to same period of last year.
Total assets increased by 32 percent since December end 2002 to Dh 6.6 billion, 84 percent higher than September 2002. Loans and advances increased by 70 percent to Dh 4.7 billion, and customer deposits increased by 24 percent to five billion Emirati dirhams compared to December 2002.
The shareholders' equity has grown steadily this year by 11 percent and earnings per share for the first nine months of 2003 is at 21 fils compared to 15 fils at the end of September 2002.
In an Extraordinary Annual General Meeting held on October 25, 2003, the board announced the bank will increase its equity by Dh 800 million, by introducing a strategic partner or partners through the issuance of the bonds. Such partners will add value to the bank and help in expanding its business. — (menareport.com)
© 2003 Mena Report (www.menareport.com)