First Gulf Bank Net Profit Exceeds AED 3 Billion
Impressive 50% increase over 2007 results
The Board of Directors of First Gulf Bank (FGB), one of the leading UAE financial institutions, announced today its full 2008 results with net profit of AED3,005 million, representing an impressive increase of 50% over its 2007 results.
“At a time where the world is heavily impacted by the financial turmoil resulting in credit and financial crisis, FGB has once again recorded strong performance and exceeded expectations. This reconfirms the bank’s position as one of the best performing, most efficient and most profitable institutions. FGB has strong foundations to continue delivering its vision and commitment to shareholders,” said Abdulhamid Saeed, Managing Director of FGB.
“Despite the unprecedented difficult times the world has seen in the fourth quarter, our business model has proved to be impressively successful. In Q4 of 2008, the bank has recorded a net profit of AED671 million, that is 8% higher than the AED621 million generated in Q4 of 2007,” he added.
“The forward looking vision of our Board of Directors, combined with the strength and expertise of the bank’s management and staff, has positioned FGB to successfully navigate through this difficult economic cycle. FGB’s priority is to maintain a strong balance sheet, optimize profit for our shareholders, at the same time deliver exceptional service to our customers,” said André Sayegh, FGB’s CEO.
