First Gulf Bank profits up 70 per cent

10 July 2008
The UAE’s First Gulf Bank has announced a 70 per cent increase in profits during the second quarter of the year, compared with the same period last year.

The bank said profits rose to AED808m ($220m) in the three months to the end of June, driven by a 112 per cent increase in net interest and Islamic financing earnings to AED622m.

Non-interest income rose by 65 per cent compared with the same period last year.

Loans grew to AED66bn, up by 21.5 per cent compared with the previous period. Expenses remained in line with the previous quarter.

Return on equty in the first half of the year is now at 26 per cent, compared with 21 per cent in the same period last year.

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