First Gulf Bank (FGB) reported 36.8 million Emirati dirhams ($10 million) in net profit in the first half of 2002, a 47 percent growth compared to the same period last year. The non interest income for the first half of the year reached Dh37.4 million, an increase of 260 percent compared to first half 2001.
The total loans and advances portfolio reached two billion dirhams, an increase of 30 percent compared to Dh1.5 billion during the same period last year. Total assets grew to Dh3.9 billion, a 32 percent increase since June last year.
FGB's business plan to diversify into treasury and investments has led to a growth of one billion dirhams, according to a bank press release, a 559 percent jump since June 2001. Customer deposits reached three billion Dh, an increase of 31 percent compared to the same period last year.
FGB was listed in the Abu Dhabi Securities Market on June 22 this year, allowing 15 percent foreign ownership on its shares. The share price started at Dh4.05 and reached Dh4.52 per share. The ADSM witnessed high volume trading on FGB shares and it was one of the highest traded shares last month. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
