First Gulf Bank profits up by 20 per cent

Dubai: First Gulf Bank (FGB) experienced a 20 per cent growth in its second quarter net profits reaching Dh808 million, the bank reported on Wednesday. This represents an increase of 70 per cent over the same quarter in 2007 and is 20 per cent higher than the first quarter of this year. “FGB has delivered yet another outstanding quarter,” said André Sayegh, FGB’s Chief Executive Officer. “In line with our strategy, we have been consistently outperforming quarter over quarter, and have witnessed strong growth in our core banking operations and in our subsidiaries and associate companies,” he added. Net interest and Islamic financing for the quarter reached Dh622 million, which is 112 per cent higher than the same quarter last year and 47 per cent higher than the previous quarter. Non-interest income, including share of profit... [read full story]