Sun 26 Sep 2010 07:52 AM
Andre Sayegh
3

Andre Sayegh

Industry: Banking & Finance

Designation: The Abu Dhabi lender recorded a net profit of $465.5bn for the first six months of 2010, an increase of twelve percent on the year-earlier period.

Country: United Arab Emirates

Occupation: The Abu Dhabi lender recorded a net profit of $465.5bn for the first six months of 2010, an increase of twelve percent on the year-earlier period.

$558,179.68

First Gulf Bank

UAE

The Abu Dhabi lender recorded a net profit of $465.5bn for the first six months of 2010, an increase of twelve percent on the year-earlier period. However, its performance was given a cautionary review by Citigroup analysts.

"We see few positive catalysts for FGB shares in the near term," London-based analyst Simon Nellis told Bloomberg. "Business activity remains sluggish, continued uncertainty over the impact of the Dubai World restructuring, and the bank's heavy exposure to property are all expected to continue to weigh on the shares."

FGB CEO Andre Sayegh disagrees. In February, he said he expected double digit growth in profits and unveiled plans to expand domestically and overseas. If the 834 staff at Abu Dhabi's second largest lender keep up their current performance - they netted a massive $558,179 each in the first half - we can't see much standing in its way.