“Best Local Bank in the UAE” for 2011

First Gulf Bank (FGB), the leading financial partner of choice in the UAE, was awarded the “Best Local Bank in the United Arab Emirates” award for 2011 during EMEA Finance’s Annual Middle East Banking Awards. FGB was honored during the event’s charity dinner, which was held at the Jumeirah Emirates Towers in Dubai on Wednesday 15 February. Read more

First Gulf Bank Net Profit exceeds one billion dollar mark

• Net Profit for the 4th quarter was at AED 1,022 million, 18% higher than same quarter of last year
• Positive growth in Net Profit and Assets for the tenth successive year, consistent Net Profit growth for the sixth consecutive quarter
• Full year 2011 Net Interest and Islamic Financing Income at AED 5,079 million, 19% higher than 2010
• Liquid assets ratio at 13.9%, loan to deposit ratio at 101.2% down from 106.2% by end of previous quarter
• Capital adequacy at 21.5% and cost to income ratio at 18.9%
• By end of 2011, 90 days non-performing loans (NPLs) to gross loans ratio at 3.4% down from 3.7% by end of 2010 and provision coverage at 98.4% up from 89.4% by end of 2010
• Board of Directors recommends 100% cash dividend and 100% bonus shares Read more

FGB Sukuk 2.8 times oversubscribed

• Coupon priced at 4.046 %, price set at 287.5 5 basis points above midswaps
• Transaction jointly led with Citi, HSBC, NBAD and Standard Chartered Banks
• Investor breakdown: 69% ME, 15% Europe, and 16% Asia

First Gulf Bank PJSC, (FGB), the leading financial partner of choice in the UAE, has received excellent investor endorsement through a 2.8 times oversubscription of its USD 500 million Sukuk (Islamic bonds) issuance. The FGB Sukuk transaction commenced yesterday, on January 12, 2012 and ended on the same day at a total value of USD 1.4 bn. Read more

First Gulf Bank launches Personal Budgeter Savings Application

• Initiative is in line with FGB’s understanding of the market and its commitment to providing innovative products
• User-Friendly Savings Aid Application Tailored to Fit the Lifestyle of UAE Residents

First Gulf Bank (FGB), as one of the leading financial partners of choice in the UAE and with its deep understanding of the UAE community and its culture today launched its new Personal Budgeter Savings Application. Read more

FGB first conventional bank in UAE to issue Sukuk

First Gulf Bank, the leading financial partner of choice in the UAE and the region, will begin its meetings with Fixed Income investors in Asia, UAE and Europe over the coming week starting on Thursday the 21st of July. Following which an issuance under the FGB Sukuk Company Limited U.S. $3,500,000,000 Trust Certificate Issuance Programme could be considered.

FGB will be the first conventional bank in the UAE to issue Sukuk.

First Gulf Bank scores 13% growth in Q2

• Consistent profit growth for the fourth consecutive quarter, Q2 2011 net profit up 1.7% compared  to Q1 2011
• Q2 2011 core banking revenues 11% higher at AED 1,550 Mn from AED 1,399 Mn in Q2 2010 representing 97% of total revenue compared to 95% in Q2 2010
• Total Assets up 6% to AED 149,229 Mn from AED 140,758 Mn in Q4 2010
• 98% loans to deposits ratio at the end of June 2011, compared to 107% in June 2010
• Provision coverage at 102%, 90 day non-performing loans (NPLs) to gross loans ratio at 3.5%
• Capital adequacy is at 22.3%, net interest margin is at 3.73% and cost to income ratio is at 17.4%

First Gulf Bank PJSC, (FGB), the leading financial partner of choice in the UAE, posts a net profit of AED 890 million in the second quarter (Q2) of 2011. This represents an increase of 13% over Q2 2010 (AED 787 million). The bank maintained consistent positive growth in net profit for the fourth consecutive quarter with a growth of 1.7% over the previous quarter (Q1 2011). Core banking revenue at AED 1,550 million represented 97% of total income and was 11% higher than the same period of last year. Read more

First Gulf Bank increases Foreign Ownership Limit to 25%

The Board of Directors of First Gulf Bank, the leading financial partner of choice in the UAE, today held a meeting at FGB headquarters and discussed the foreign ownership limit of the bank. The Board of Directors approved an increase in the foreign ownership limit from 15% to 25%. Read more

First Gulf Bank partners with Tawteen to empower Emirati Youth

First Gulf Bank (FGB) launched a new project for Emirati Youth in collaboration with Tawteen, the major strategic initiative of the Emirates Foundation, at the Employment Expo which was held recently at the Higher Colleges of Technology in Abu Dhabi.

This project, which is the first of its kind in the UAE aims to offer young Emirati youth opportunities to develop new marketing skills in the banking sector through different training programs. It will also educate them on how products are delivered to the market and offers them an opportunity for them to earn an extra income which will in turn support the development of the UAE economy. Read more

First Gulf Bank: 1Q 2011 Results

• Net profit reported at AED875.3mn against AED919.7mn; down 5%YoY
• Result was largely in line with expectations; variance of 3.4% from our estimates
• Net interest income up by 10%YoY, total income down by 3%YoY
• Provisioning levels still high, but down by 7%YoY
• Asset quality resists deterioration, NPLs ratio at 3.7%, coverage at 97% Read more

First Gulf Bank ends Libya operations

First Gulf Bank PJSC (FGB) halted operations in Libya in comply with United Nations sanctions months after it opened its second branch, the National newspaper reported today citing Chief Executive Andre al Sayegh.

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