By IANS
Abu Dhabi : The First Gulf Bank (FGB), one of the leading financial institutions of the United Arab Emirates (UAE), has announced a record profit of 2 billion dirham ($547 million) for 2007, WAM news agency reported Wednesday.
According to the FGB board of directors, the figure was up by 31 percent from last year’s profit.
The bank’s consistent growth coupled with healthy profitability, efficiency, and liquidity and capital adequacy ratios with return on average equity at 21 percent demonstrates strong financial performance, the bank said.
“Once again we have exceeded stakeholders’ expectations and demonstrated strong growth and performance. This record performance is a reflection on the board’s vision and the management’s strategy,” Andre Sayegh, CEO of the bank, said.
The Abu Dhabi-based FGB is a publicly owned bank established in 1979 in Ajman and provides financial services across the UAE, with a wide distribution network of branches in different business and industrial areas such as Abu Dhabi, Dubai, Sharjah, Ajman and Al Ain.