FGB Q2 profit rises 16% to Dh1.35bn

Abu Dhabi’s First Gulf Bank (FGB) has announced its first-half 2014 financial results, showing continued and solid performance across all business lines.

The bank’s H1 net profit stood at Dh2.68 billion, a 21 per cent increase when compared with the same period last year.

FGB’s net profit for the second quarter of 2014 rose by 16 percent to Dh1.35 billion compared with the same quarter in the previous year.

FGB’s profit was driven by a strong balance sheet, yielding solid and diversified revenues, improved asset quality metrics and enhanced profitability during the period.

Abdulhamid Saeed, FGB Managing Director and Board Member, said: "The strong results achieved during the first half of 2014 reflect the effectiveness of FGB’s strategy to expand and drive the business forward. Exactly one year ago, we reshaped our businesses into three core pillars: the wholesale banking group, the consumer banking group and the treasury & global markets group. This allowed us to significantly enhance synergies between our core businesses, deepen our expertise and our product offering across a number of areas, and improve our overall value proposition. We have also successfully integrated both subsidiaries ‘Dubai First’ and ‘Aseel Islamic Finance’ into our existing operations, which has strengthened the business and enabled us to better meet the needs of our customers."

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