First Gulf Bank

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Recent Articles

• UAE's First Gulf Bank sets guidance for $500m bond18 November 2009

  Guidance set at 250 bps-275 bps over midswaps; deal to close on Thursday.

• Abu Dhabi banks beat Q3 profit forecasts22 October 2009

  First Gulf Bank and Union National Bank both report higher than expected earnings.

• EFG-Hermes sees value in Middle East banks7 October 2009

  UAE banking sector has seen sharp asset price deflation, but is in better shape than feared. 

• First Gulf Bank posts 11% increase in profits Q10926 April 2009

  95% of net profit generated by core banking business, bank says in statement.

• UAE bank profits forecast to plummet by 50% Q10926 April 2009

  HC Brokerage predicts 52.8% year-on-year profit decline for 8 largest banks.

• UAE stock market rally will 'not last' - analysts 12 April 2009

  Current upturn will last 2 months, short-term buying oportunities in banking sector. 

• Al Ghurair Group seals loan facility8 April 2009

  Syndicated loan facility to be used to fund further expansion of Dubai’s mixed use Al Ghurair City.

• First Gulf Bank to convert $1.23bn to capital29 March 2009

  Abu Dhabi's bank gets AED4.5bn from finance ministry to convert into Tier 2 capital.

• UAE's First Gulf to reduce foreign share ownership26 February 2009

  Abu Dhabi-based bank lowers foreign ownership limit on its shares by 0.5-15%.

• UBS cuts its price target on First Gulf Bank19 February 2009

  Swiss investment bank cites Abu Dhabi bank's high exposure to property sector.

• First Gulf bought back 200,000 shares on Thurs15 February 2009

  Abu-Dhabi-based bank says it has bought back shares at 7.8 dirhams ($2.12) per share.

• Lending restrictions expected to be eased in Abu Dhabi7 February 2009

  Abu Dhabi's five largest banks are expected to ease lending restrictions to investors this week.

• First Gulf completes deal to buy 1.04m shares5 February 2009

  Abu Dhabi based bank purchases shares under buyback scheme at $2.08 per share.

• Five Abu Dhabi banks to borrow $4.4bn from state4 February 2009

  UPDATE 2: Move comes as UAE banks post weaker than expected Q4 profits.

• First Gulf's Q4 profits rise 8%27 January 2009

  Abu Dhabi bank also sees 50% increase in full-year profits amid global banking meltdown.

• First Gulf Bank buys back 1.28mn shares at $1.9222 January 2009

  Fresh move takes Gulf bank’s total buyout to eleven million shares to date.

• Bank ratings cut on loan concerns21 January 2009

  Analyst voices worries over loan books at Abu Dhabi Commercial Bank, First Gulf Bank in research note.

• First Gulf Bank buys back 1.53mn shares12 January 2009

  The Abu Dhabi bank says it has purchased shares at 9.51 dirhams ($2.59) after they fell 2.55% on Sunday.

• UAE's First Gulf Bank caps foreign ownership at 15%30 December 2008

  Move to reduce limit from 30% follows a more than 50% decline in bank's share price.

• First Gulf to ponder foreign ownership rules24 December 2008

  Abu Dhabi-based bank says its board will discuss changes at Dec 30 meeting.

• First Gulf cuts 'scores of jobs'21 December 2008

  Abu Dhabi bank looking to trim costs amid financial turmoil, cuts relate to outsourced people, exec says.

• Moody's downgrades outlooks for UAE banks16 December 2008

  Investors services agency takes action amid mounting liquidity pressures in economy.

• First Gulf in share buyback19 November 2008

  Abu Dhabi lender initiating buyback of 10% of its shares, which have fallen more than 40% this year.

• First Gulf Bank posts 68% jump in Q3 net profit21 October 2008

  Abu Dhabi-based bank exceeds forecasts as it announces $231mn profit level.

• Small gains, losses across Gulf markets20 October 2008

  UPDATE 5: UAE markets end higher with Emaar Properties, First Gulf Bank leading way with big gains.