First Gulf Bank’s net soars 10% in 2009

First-Gulf-BankThe First Gulf Bank (FGB), owned by Abu Dhabi's ruling family, reported a record 10 per cent growth in the net profit for the full year in 2009. Its net profit stood at AED 3,310 million during the period, representing its traditions to deliver strong financial results every year.

Abdulhamid Saeed, Board Member and Managing Director of the FGB added that the bank successfully weathered unfavorable market conditions as indicated by its outstanding financial performance during the year. Saeed added that robust financial performance is attributed to the proper use of human and financial resources by the bank.

Andre'Sayegh, Chief Executive Officer FGB added, "FGB continues to deliver strong results year after year. This consistent success is clearly attributed to the vision and sound business strategy from the Board of Directors. This vision is implemented by the highly qualified and experienced management team and the fully dedicated staff."

Banks core banking businesses of the Group mainly Retail, Corporate, Treasury, Investments and Islamic Finance remained the main revenue generating sources, contributing around 75% of the full year net profit of the bank. FGB's earning per share stood at AED2.09 in 2009 against AED2.10 in the previous year.