First Gulf Bank ap­proves 83pc cash div­i­dend

The Pak Banker - - FRONT PAGE -

First Gulf Bank (FGB)’s Board on Thurs­day ap­proved a cash div­i­dend of 83 per cent of the cap­i­tal amidst in­no­va­tive prod­ucts and ser­vices in­tro­duced by the bank, said Ab­dul Hamid Saeed, FGB’s Man­ag­ing Di­rec­tor.

“Fol­low­ing our 2012 fi­nan­cial per­for­mance, we are pleased to an­nounce the cash div­i­dend of 83 per cent, far ex­ceed­ing the rates an­nounced by our com­peti­tors and set­ting FGB’s div­i­dends as the high­est amongst UAE banks,” said Saeed.

He added that the amount of div­i­dend will amount to Dh2.5 bil­lion, rep­re­sent­ing a 67 per cent in­crease year on year. Saeed added: “2012 was a highly suc­cess­ful year for our bank, in which net prof­its ex­ceeded Dh 4.1 bil­lion po­si­tion­ing FGB among the best per­form­ers of the Mid­dle East re­gion. Fur­ther­more, rev­enues for Q4 of 2012 were Dh2 bil­lion, the strong­est quar­terly rev­enue num­bers ever recorded by the bank.” Saeed added that the bank re­ported a net profit of Dh4.1 bil­lion in 2012, 12 per cent higher than 2011 with pos­i­tive growth in both net profit and as­sets for the 12th con­sec­u­tive years since 2000.

Saeed said that bank’s as­sets in 2012 grew to Dh175 bil­lion com­pared to Dh157.5 bil­lion in 2011. a 11 per cent in­crease, and loans in­creased to Dh114.6 bil­lion in 2012, com­pared to Dh104.7 bil­lion in 2011, up by 9 per cent. “Our as­sets in­creased since 2000 by 43 per cent, de­posits by 42 per cent, loans by 44 per cent, eq­ui­ties by 40 per cent and net profit by 44 per cent,” Saeed pointed out. “The net profit of core bank­ing ac­tiv­i­ties against other sub­sidiaries of the group was split at 95 per cent to 5 per cent, in which the UAE busi­nesses contributed 96 per cent com­pared to 4 per cent overseas,” Saeed ex­plained.

He added that rev­enue in­creased by Dh787 mil­lion and cap­i­tal ad­e­quacy at 21.3 per cent, and the con­trolled cost to in­come ra­tio.

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