UAE's First Gulf Bank expects double digit growth in 2014

Country's second largest lender says well positioned to achieve strong performance this year
UAE's First Gulf Bank expects double digit growth in 2014
By Reuters
Wed 26 Feb 2014 07:35 PM

First Gulf Bank, the second-largest lender in the United Arab Emirates, expects profit and revenue growth in the low double digits in 2014, chief executive Andre Sayegh said on Wednesday.

"We see a lot of growth - low double-digit growth is sustainable in assets, loans, deposits, revenues and profits. We are well-positioned to achieve that," he told reporters after the bank's annual general meeting.

He also said FGB aimed to reach 18 percent return on equity in the medium term. The ratio was 15.7 percent last year, according to Thomson Reuters data.

FGB, majority-owned by Abu Dhabi's ruling family, made a net profit of 1.37 billion dirhams ($373 million) for the three months ended Dec. 31, up 19 percent from a year earlier.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.