First Gulf Bank- Qatar Branchheld a gala dinner for a number of its distinguished clients and business partners. The event highlighted First Gulf Bank’s outstanding financial performance during 2012, in addition to the achievements made by the bank’s Qatar Branch since its inception four years ago. The dinner was attended by 150 guests including FGB’sManaging Director and Board Member Abdulhamid Saeed and its CEO Andre’ Sayegh, in addition to the bank’s senior management, employees, customers and other stakeholders.
The event coincided with the group’s announcement of its Full Year 2012 resultswhere the Net Profits amounted to AED 4,154 million for 2012, an increase of 12% from 2011. The results were boosted by revenues for Q4’2012 at AED 2,006 million, which are the strongest quarterly revenue numbers ever recorded by the bank. The bank’s rating was affirmed at A+ by Fitch in May 2012 and affirmed at A2 by Moody’s in August 2012 both with Stable Outlook.
Since its establishment in 2009, FGB Qatar Branch has demonstrated steady and consistent growth, upgrading from an initial Category 4 licence to a full Category 1 licence in 2011. Providing comprehensive wholesale banking solutions, including corporate banking servicesas well as deposits, lending and trade finance facilities, FGB Qatar Branch played a significant role in contributing to the bank’s strong overall performance for the 12th consecutive year, with significant contribution to FGB’s international business operations.
Commenting on theperformance of its Qatar operations, FGB’s CEO Andre’ Sayegh said: “FGB continues to go from strength to strength. Qatar, like the UAE, is seen as a robust and attractive economy for investment in and from the region. FGB Qatar Branch has achieved consistent growth and we now have a wholesale banking operation able to offer a full range of financial products and solutions geared towards our customers’ needs.”
He added: “FGB’s success in Qatar to date owes much to the close political, cultural and economic ties between Qatar and the UAE, and their attraction for investors worldwide. Our long history in the UAE and our deep understanding of GCC culture has enabled us to deliver services and products that are aligned with the requirements of the Qatari market.”
He concluded: “We are appreciative of the guidance we have received from the Regulatory Authorities so far and we expect 2013 to be another exciting year for us. We look forward to the continuous support of other financial institutions in Qatar and we hope to work together aspartners”.