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24 April 2024

FGB approves $2.5bn bonds

By Abdel Hai Mohamed



The ordinary and extra-ordinary general assembly of Abu Dhabi’s First Gulf Bank (FGB) yesterday approved $2.5 billion (Dh9.1bn) convertible bonds.

It also approved the board’s recommendation to distribute 20 per cent in cash and 10 per cent in bonuses to shareholders.

According to FGB Chairman Sheikh Hazza bin Zayed Al Nahyan the bank’s results and constant growth were distinguished.

Last year, the bank’s net profit amounted to Dh2bn, an increase of 31 per cent over the previous year.

Hazza said the bank recorded a strong year despite the moderate performance of the country’s financial markets in the first nine months of 2007.

The bank is currently expanding through partnerships in other countries. This is in addition to new companies in fields of investment and investment portfolios, said Sheikh Hazza in the UAE capital.

The bank’s loans grew by 77 per cent to Dh44bn, while deposits went up by 52 per cent to Dh52bn. The report said the bank made big achievements last year, most prominently the rise in its credit classification as well as diversity of income sources. First Gulf Bank’s regular banking activities contributed to net profit of 70 per cent.