First Gulf's Q4 profits rise 8%

PROFIT RISE: First Gulf Bank revealed a rise in fourth quarter profit in 2008. (ITP Images)

First Gulf Bank's (FGB) fourth-quarter net profit rose eight percent to 671 million dirhams ($182.7 million), officials announced on Tuesday.

The Abu Dhabi bank's full-year profit rose 50 percent to three billion dirhams, compared with two billion dirhams in 2007.

FGB said its assets grew by 47 percent to reach 107.9 billion dirhams by year end and equity increased by 64 percent to reach 16.6 billion dirhams.

“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," said Abdulhamid Saeed, managing director of FGB.

"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.”

He added: “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 671 million dirhams, that is eight percent higher than the 621 million dirhams generated in Q4 of 2007."

André Sayegh, FGB’s CEO, said FGB’s priority was to maintain a strong balance sheet, optimise profit for shareholders, and deliver "exceptional" service to customers.

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