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• Record Net profit from core banking, 27% higher to reach AED3.170 billion
• Record total bank revenue of AED6.305 billion
• Liquid assets ratio at 13.4% up from 8.1% by end of 2009, loan to deposit ratio at 96.8% down from 104.6% in 2009
• Capital adequacy at 22.9%, net interest margin at 3.6% and cost to income ratio at 17.8%
• 90 days non-performing loans (NPLs) to gross loans ratio at 3.7% and provision coverage at 89.4%
• Board of Directors proposes 60% cash dividend and 5% bonus shares from buyback program
Led by strong revenue growth in its core banking operations, First Gulf Bank PJSC., one of the largest equity based banks in the UAE, recorded a net profit of AED3.420 billion for the year 2010. This represents an increase of AED110.1 million or 3% higher than 2009 net profits. Consistency in financial performance in terms of positive growth in profitability, revenues, solid balance sheet ratios such as liquidity, capital adequacy and most importantly the strength of its core banking operations, added to the gains made during 2010.
Commenting on the strong 2010 performance, Andre’ Sayegh, CEO of First Gulf Bank said: “We are very pleased with our 2010 financial performance, which resulted in a record profit in the history of First Gulf Bank. This achievement demonstrates the significant resilience of First Gulf Bank’s financial performance even during this cycle of economic slowdown. This outstanding performance is a clear confirmation that the business model set under the direction of the Board of Directors is solid and dynamic. We are particularly pleased to announce the noteworthy gains in our core banking operations throughout 2010 which represented around 93% of the Group Net Profit. Growth in profitability combined with strong balance sheet position and ratios remain the core of First Gulf Bank’s financial model. Most important is First Gulf Bank commitment to play a growing role in the UAE economy as it gathers momentum going forward. Our policy favors a prudent and gradual overseas expansion.”
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Abu Dhabi International Airport - 41°F
