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Acting CEO, Andre Sayegh, said:
"Our growth is a result of FGB being well positioned to take advantage of the growth in various sectors of the economy and is a reflection of our commitment to achieve our strategic and long term objectives. This has been achieved by dedicated and experienced professionals, who have imbibed the organisation's core values on day to day basis."
He said First Gulf Bank has focused on expansion and growth of its core businesses - i.e. corporate, treasury and investment, retail, and other ancillary businesses. The total operating income in the first quarter of the year reached AED 515 million, exceeding the first quarter of 2005 by 212%. The Annualised Return on Average Equity for the first three months 2006 is at 18% and the Earnings per Share for this period is AED 0.30.
During the quarter the bank also successfully concluded syndicated borrowing from 32 international and regional banks amounting to USD 750 Million, which was oversubscribed by 67%.
First Gulf Bank will continue to grow further by expanding and diversifying its businesses and operations, maximizing value for all stakeholders.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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