Arab Today, arab today fgb’s 9month net profit up by 21 to a record aed4105m
Last Updated : GMT 14:02:48
Arab Today, arab today
Arab Today, arab today

FGB’s 9-month net profit up by 21% to a record AED4,105m

Arab Today, arab today

Arab Today, arab today FGB’s 9-month net profit up by 21% to a record AED4,105m

First Gulf Bank, FGB
Abu Dhabi - WAM

First Gulf Bank, FGB, has announced its financial results for the first nine months of 2014, showing a record net profit of AED 4,105 million, up 21% compared with the same period last year.
With total assets crossing the AED200 billion mark, FGB’s solid performance was driven by continued revenue momentum across businesses combined with expense rationalisation and risk discipline. During the third quarter of 2014, FGB achieved a record net profit of AED1,425 million, an increase of 6% from Q2 2014 and 20% from Q3 13.
During the third quarter of 2014, revenues increased by 13% to AED2,329 million. Net Interest and Islamic Financing income grew by 5% to AED1,596 million driven by strong lending momentum during the period partially off-setting the pressure on asset yields.
Non-Interest revenues recorded a strong 39% increase year-on-year to AED733 million as a direct result of higher core fee and commission income streams, investment and derivative income, property sales and positive contributions from subsidiaries.
Higher loan balances and efficient balance sheet management translated to a 11% year-on-year growth in Net Interest and Islamic Financing income to AED4,844 million. FGB’s Net Interest Margin for the 9M’14 period marginally reduced to 3.6% compared to last year’s level of 3.7%.
Non-Interest Revenues also showed a solid growth of 29%, thanks to higher volumes, increased strength of core banking fees, successful cross-selling across businesses and a higher contribution from subsidiaries. As a result, Non-Interest Revenues, which stood at AED2,024 Million, contributed 29% of total Group Revenues, compared with 27% for the same period last year.
Despite a 24% increase in operating expenses to AED1,528 million, FGB’s 9M’14 cost-to-income ratio remained contained and within target range at 22.2%, reflecting the bank’s highly efficient business model. The rise in expenses largely resulted from the bank’s various expansion plans, including the consolidation of Dubai First and Aseel Islamic Finance as well as continued investments in people, systems and marketing initiatives.
Capitalising on a favourable economic backdrop and strong market positioning, FGB was able to deliver healthy loan growth rates with Loans and Advances adding 4% during the quarter to reach AED132.7 billion. In light of the excess liquidity available in the U.A.E. banking system, FGB’s customer deposits continued to expand during the period,growing by 5% in Q3’ 2014 to AED144.6 billion.
The bank continued to diversify funding sources during the period with the issuance of medium term notes in Euro, Japanese Yen and Australian Dollars in July. Earlier this month, FGB issued a 5-year US$30 million (AED110 million) Euro Medium Term Note carrying a coupon of 3 months US$ Libor + 0.91%.
FGB’s Total Shareholders’ Equity amounted to AED32.4 Billion, up 9% compared to the same period last year. Capital Adequacy Ratio and Tier 1 capital remained robust at 19.5% and 18.2% respectively, against 19.0% and 17.7% as of June 2014. Earnings Per Share for the 9M’14 period increased by 22% year-on-year to AED1.01.
Abdulhamid Saeed, FGB’s Managing Director and Board Member, said, "FGB enjoyed another strong set of results during the period as we continue to deliver on our strategy to expand our business offerings in a manner that best serves our customers and that complements our operations. The consistent growth of our business and the strength of our franchise are playing an important role in accompanying the development of the U.A.E. economy and we continue to be committed and to take great pride in fulfilling this duty." -

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fgb’s 9month net profit up by 21 to a record aed4105m Arab Today, arab today fgb’s 9month net profit up by 21 to a record aed4105m

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today fgb’s 9month net profit up by 21 to a record aed4105m Arab Today, arab today fgb’s 9month net profit up by 21 to a record aed4105m

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Ryanair's O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

Ryanair's O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday