First Gulf Bank announces outstanding results

The results indicate a 357% increase from AED 156.5Mn of the same period last year and 192% compared to 2004 year end financial results of AED 245Mn.

The financial results were announced yesterday after the Board of Directors meeting chaired by Sheikh Mansour Bin Zayed Al Nahyan. The Board of Directors reviewed the overall business strategies and performance of the Bank during the year and approved the proposal of increasing the Bank's foreign ownership to 30%, which will be presented in the next EGM for approval.

Abudulhamid Saeed, Chief Executive Officer of First Gulf Bank, stated, 'First Gulf Bank has grown by leaps and bounds over the last two years. We recorded a Net Profit increase of 102% in the year 2004 and expect a growth of over 300% by year end 2005. We are expanding our business networks and capturing new markets. We are also focusing on providing unique financials solutions in line with the economic growth and varied business requirements.'

The financial indicators show an increase of 86% in Loans & Advances from AED 6.1Bn in Q3 2004 to AED 11.3Bn by end of Q3 this year. Total Assets indicate a growth of 203% from AED 8.2Bn to AED 25Bn. Customer Deposits have also increased by 163%, from AED 6.1Bn to AED 16.1Bn. With the increase in the Bank's Capital, the Shareholders Equity increased to AED 7.4Bn from AED 1.7Bn (September 2004) making FGB the largest equity based bank in the UAE.

The Total Operating Income recorded 228% increase to AED 947Mn compared to AED 292Mn in the first nine months of 2004. The Bank has also maintained a consistent ratio of 60:40 between Net Interest Income and Other Income. Earnings per share reached AED 0.72 in the first nine months this year compared to AED 0.61 for the year of 2004.

Abdulhamid Saeed continued, 'The UAE is experiencing a great economic growth and this is being reflected particularly on the financial industry. We are focusing our efforts on making the most out of this economic boom. Our vision is to be a world-class organization maximizing value to all our stakeholders.'