First Gulf Bank Reaps Benefits of Restructuring
Reaping the benefits of its new strategic and restructuring plan, First Gulf Bank (FGB) posted a 40 percent increase in net profits in the first nine months of this year compared to the same period last year, the Gulf News reported Wednesday, quoting a top bank official.
Buoyed by the growth in net profit, deposits and income, the bank is expanding by opening a branch in Dubai early next year, to be followed by another in Abu Dhabi, according to the paper.
General Manager Abdulhamid Saeed was reported by the daily as saying that the bank achieved 27 percent growth in income, 21 percent in deposits and a dip of 17 percent in operating expenses.
"All this led to an increase of 40 percent in net profits for the first nine months this year," he said. Actual figures were not disclosed. FGB's deposits at the end of 1999 were Dh1.442 billion and its income (net income plus non-interest income) was Dh84.85 million -- Albawaba.com
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