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LOANS, DEPOSITS UP

FGB eyes double-digit profit, revenue growth

Abu Dhabi, February 26, 2014

First Gulf Bank, the second-largest lender in the UAE, expects profit and revenue growth in the low double digits in 2014, chief executive Andre Sayegh said on Wednesday.

"We see a lot of growth - low double-digit growth is sustainable in assets, loans, deposits, revenues and profits. We are well-positioned to achieve that," he told reporters after the bank's annual general meeting.

He also said FGB aimed to reach 18 per cent return on equity in the medium term. The ratio was 15.7 per cent last year, according to Thomson Reuters data.

FGB, majority-owned by Abu Dhabi's ruling family, made a net profit of Dh1.37 billion ($373 million) for the three months ended December 31, up 19 per cent from a year earlier.-Reuters




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