First Gulf Bank net profit up 13pc
Abu Dhabi, October 29, 2013
First Gulf Bank (FGB), the second-largest lender by market value in the UAE, has posted a 13 per cent rise in third-quarter net profit on higher operating income.
The lender made a net profit of Dh1.19 billion ($324 million) for the three months ended September 30, compared with Dh1.05 billion in the prior-year period.
"During the third quarter, FGB continued to witness notable growth in its core businesses, confirming its strategy to primarily develop its business based on solid organic growth both domestically and internationally," FCB chief executive Andre Sayegh said.
Provisions in third quarter were higher at Dh422.6 million than Dh398.6 million a year ago. Loans and advances grew 10.7 per cent versus the end of 2012 to Dh126.9 billion while customer deposits expanded to Dh132.6 billion, up 11.1 per cent over the same timeframe.
Profit for the first nine months of the year rose 13.2 per cent over the same period last year to Dh3.4 billion.-Reuters