First Gulf Bank (FGB) has reported a 50 percent increase in its net profit, reaching 120.9 million Emirati dirhams ($32 million) in 2003 compared to last year's net profit of Dh 80.6 million.
Total operating income reached Dh 268.5 million last year, 63 percent higher than in 2002. Net interest income reached Dh 175.6 million while other income reached Dh 93 million compared to last year’s figures of Dh 113.9 million and Dh 50.7 million respectively.
The contribution of non-interest income has moved up from 31 percent in 2002 to 35 percent in 2003, which is in line with the bank's strategic direction. Total assets of the bank reached Dh 7.2 billion, 45 percent higher than last year. Loans and advances grew from Dh 2.8 billion to Dh 5.1 billion, an 82 percent increase.
FGB’s Board of Directors have reviewed audited financial reports and have made recommendations on dividends distribution for the year which will be announced in the Annual General meeting on February 15, 2004. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
