First Gulf Bank reports 13 per cent rise in profit

14 July 2011

Fall in provisioning helps boost earnings

Abu Dhabi’s First Gulf Bank has reported a 13 per cent rise in profits for the second quarter of the year.

The bank announced second-quarter profits of AED890m ($242.3m), and provisioning of AED411m, down from AED459m in the first quarter.

Loan growth was just 5 per cent, while deposits rose by 14 per cent compared to the same period last year. The banks total assets rose 13 per cent to AED149bn.

Net interest and Islamic financing income grew to AED1.22bn in the second quarter, up 17 per cent.

The bank has launched plans to issue a sukuk according to a prospectus filed with the London Stock Exchange (MEED 13:07:11)

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