First Gulf Bank posts $238 mn profits

April 25th, 2011 - 11:58 pm ICT by IANS  

Abu Dhabi, April 25 (IANS/WAM) First Gulf Bank (FGB) has announced a net profit of 875 million UAE dirhams (about $238 million) in the first quarter of 2011. This represents an increase of 10 million dirhams and is 1.2 percent higher than the Q4 2010 net profit of 865 dirhams.

The core banking revenues at 1,580 million dirhams was eight percent higher than last year and represented 99 percent of the total revenue. For four consecutive quarters, FGB has shown consistent positive growth in net profit.

Commenting on the continued strength in financial performance, Andre Sayegh, CEO of FGB, said: “We have posted significant gains in our core banking portfolio which represented an eight percent jump in revenue over the first quarter of 2010.”


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