Abu Dhabi-based First Gulf Bank( FGB) on 26 October announced a 43 per cent increase in net profits for the period ending 30 September to AED 81.6 million ($22.2 million) compared with the same period the year before. Total assets increased 32 per cent to AED 6,600 million ($1,798.4 million) and loans and advances climbed 70 per cent to AED 4,700 million ($1280.7 million - MEED 15:4:03).
The profit announcement was accompanied by news that FGB is to raise capital by AED 800 million ($218 million) through the issuance of convertible bonds. 'This will be a new strategic initiative to the market and will certainly strengthen FGB's presence,' said FGBchief executive Abdulhamid Saeed. 'The issuance of convertible bonds will ensure the bank's growth and preserve the rights of shareholders adding value to their investment by introducing strategic partners.'
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