First Gulf Bank reports $13 million net profits for 1Q 2004
First Gulf Bank (FGB) posted 51.3 million Emirati dirhams ($13 million) net profits for the first quarter of 2004, an 85 percent increase compared to the same period last year.
The bank reported a total operating income of Dh 88.2 million, a 70 percent increase compared to the same period last year. Interest Income increased to Dh 53.8 million, 55 percent higher than the same period last year. Other income increased by 99 percent to Dh 34.4 million compared to Dh 17.3 million in the first quarter of 2003.
In terms of future business plans and operations, the bank has recently opened another branch in Al-Ain and planning to open a new branch in Abu Dhabi as well as the opening of the new corporate building in Abu Dhabi in Al-Khalidiya area. — (menareport.com)
© 2004 Mena Report (www.menareport.com)