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177975
Tue, 04/26/2011 - 11:50
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https://oananews.org//node/177975
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First Gulf Bank registers net profits Dh875 million in Q1 2011
Abu Dhabi, April 27, 2011 (WAM) - First Gulf Bank (FGB) has announced a net profit of Dh875 million in the first quarter of 2011. This represents an increase of Dh10 million or 1.2 per cent higher than Q4 2010 net profit of Dh865 million.
The core banking revenues at Dh1,580 million was 8 per cent higher than last year and represented 99 per cent of the total revenue, this compares to 88 per cent in the first quarter of last year. For four consecutive quarters, FGB has shown consistent positive growth in net profit.
Commenting on the continued strength in financial performance, Andre' Sayegh, CEO of First Gulf Bank, said: "We have posted significant gains in our core banking portfolio which represented an 8 per cent jump in revenue over the first quarter of 2010. It is fair to remember that our first quarter 2010 profit included proceeds of Dh179 million from the sale of real estate. After excluding this one-off sale, the net profit of the first quarter this year is 18 per cent higher than that of last year. We are particularly satisfied by the jump of almost Dh119 million in core banking revenues totally in line with our business strategy." In addition, during the month of March 2011, he continued "we have distributed Dh900 million as cash dividend to our shareholders, this is over and above the 75 million free shares which we distributed back to our shareholders, those shares were originally bought under the share buy-back programme. With this total distribution, FGB could be considered as one of the best corporations in the UAE giving such high returns to its shareholders."
Abdulhamid Saeed, Managing Director, First Gulf Bank, said: "The bank is strongly capitalised and well positioned to meet the requirements of future business growth. It also ensures optimum liquidity at all times while creating additional shareholder value. We continue to set the pace when it comes to rewarding shareholders and protecting their interests. As our performance has shown consistent growth over the last four quarters, it is only apt that our shareholders share our success." - Emirates News Agency, WAM
The core banking revenues at Dh1,580 million was 8 per cent higher than last year and represented 99 per cent of the total revenue, this compares to 88 per cent in the first quarter of last year. For four consecutive quarters, FGB has shown consistent positive growth in net profit.
Commenting on the continued strength in financial performance, Andre' Sayegh, CEO of First Gulf Bank, said: "We have posted significant gains in our core banking portfolio which represented an 8 per cent jump in revenue over the first quarter of 2010. It is fair to remember that our first quarter 2010 profit included proceeds of Dh179 million from the sale of real estate. After excluding this one-off sale, the net profit of the first quarter this year is 18 per cent higher than that of last year. We are particularly satisfied by the jump of almost Dh119 million in core banking revenues totally in line with our business strategy." In addition, during the month of March 2011, he continued "we have distributed Dh900 million as cash dividend to our shareholders, this is over and above the 75 million free shares which we distributed back to our shareholders, those shares were originally bought under the share buy-back programme. With this total distribution, FGB could be considered as one of the best corporations in the UAE giving such high returns to its shareholders."
Abdulhamid Saeed, Managing Director, First Gulf Bank, said: "The bank is strongly capitalised and well positioned to meet the requirements of future business growth. It also ensures optimum liquidity at all times while creating additional shareholder value. We continue to set the pace when it comes to rewarding shareholders and protecting their interests. As our performance has shown consistent growth over the last four quarters, it is only apt that our shareholders share our success." - Emirates News Agency, WAM
