First Gulf Bank (FGB) has been listed on the Abu Dhabi Securities Market (ADSM). “This move will now provide transparency to the shareholders and potential investors,” FGB Chief Executive Officer Abdulhamid Saeed said. “By trading FGB’s 374.4 million shares, the shareholders will benefit by electronic record keeping and ADSM’s safe custody, which will also allow efficient and swift trade transactions.”
Looking ahead, the move means that FGB will offer regulated and market-oriented fee structures, while protecting investors and stakeholders from conflicts of interest. FGB reported a net income of 18.1 million Emirati dirhams ($4.92 million) as of end Quarter 1, 2002, a 58 percent increase on the same period last year.
Bank officials attributed this performance to a strategy of concentrating on core corporate banking and treasury and investment banking. In line with FGB’s planned business expansion, total assets increased from Dh2.6 billion to Dh3.3 billion as of end Quarter 1, 2002, a 24 percent increase on the same period last year.
The Corporate Banking Group has increased overall loan portfolio from Dh1.4 billion to Dh1.9 billion, and customer deposits from Dh1.8 billion to Dh2.6 billion, a 31 percent and 39 percent increase respectively.
In line with FBG’s diversification into treasury and investment banking, investments have increased to Dh865 million as of end of Quarter 1, 2002, compared to Dh63 million in the same period last year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
