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First Gulf Bank annual net profit up 50%

First Gulf Bank has reported a net profit of AED3 billion for 2008

United Arab Emirates-based First Gulf Bank has reported a net profit of AED3 billion for 2008, an increase of 50% compared to the net profit in 2007. Diluted earnings per share for 2008 were AED2.10, an increase of 44%, compared to AED1.46 in 2007.

Net profit for the fourth quarter of 2008 was AED671 million, an increase of 8%, compared to AED621 million for the same quarter of 2007.

The total revenue of the overall core banking activities increased by 71% during 2008 from AED2.21 billion in 2007 to AED3.79 billion, driven by a 94% increase in the net interest and Islamic financing income, from AED1.33 billion in 2007 to AED2.58 billion in 2008.

Abdulhamid Saeed, managing director of First Gulf Bank (FGB), said: At a time where the world is heavily impacted by the financial turmoil resulting in credit and financial crisis, FGB has once again recorded strong performance and exceeded expectations. This reconfirms the bank’s position as one of the best performing, most efficient and most profitable institutions. FGB has strong foundations to continue delivering its vision and commitment to shareholders.