First Gulf Bank reveals rising profits
- Published: 30 January 2008 06:36 GMT
- Author: Christina Corbett
- More by this Author
- Last Updated: 30 January 2008 18:42
Abu Dhabi-based First Gulf Bank has announced profits of AED2bn($545m) in 2007, a 31 per cent increase on its 2006 performance.
Total operating income for 2007 reached AED2.8bn, with net interest income at AED1.3bn. Earnings per share increased by 31 per cent from AED1.23 to AED1.61.
Net profit for the fourth quarter of 2007 was 57 per cent higher than for the same period in 2006, and 23 per cent higher than for the third quarter of 2007.
In December the bank signed a five-year, $825m syndicated loan to help fund the expansion of its project finance activities.
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