Emirati Jiu-Jitsu stars win 23 medals, athletes grab 11 medals, and People of Determination excel with 14 medals
FGB’s strong profitability was a result of the growth of its loans, which rose six per cent in the quarter to Dh110.949 billion.
Customer deposits grew marginally by one per cent year-on-year to Dh104.774 billion while the total assets were up by three per cent to Dh162.939 billion as at June 30.
FGB’s total revenue rose 12 per cent to reach Dh1.778 billion in the second quarter, while the revenues from its subsidiaries plunged 10 per cent to Dh38.7 million in the same period.
“First Gulf Bank’s strategy in the period revolved around maintaining comfortable liquidity levels,” the bank said in a statement to Abu Dhabi Securities Exchange.
“Despite the fact that the loan to deposits ratio at the end of the quarter stood at 106 per cent, the bank regulatory ratio of advance to stable deposit of 89.4 per cent remained far below the maximum allowance of 100 per cent,” it said.
The liquid asset ratio was maintained at 12 per cent, the capital based lender said. The bank started also benchmarking its current liquidity ratios to the new ones to be implemented starting 2013 as per the new UAE CB regulations on liquidity.
“We are in a very solid position to be fully compliant with the new circular,” said Andre’ Sayegh the chief executive officer of First Gulf Bank said. Net Interest and Islamic financing income continued to grow in the April-June 2012 period, where it stood at Dh1.350 billion, 11 per cent year-on-year.
Corporate and Retail fees and commissions have shown steady increase since fourth quarter of 2011 to Dh344 million.
Abdulhamid Saeed said: “FGB is firmly placed in a strong position to implement future growth plans, which will have in parallel a positive impact on the growth of its Earnings per Share.”
Non-performing loans to gross loans ratio was 3.6 per cent as at June 30 against 3.4 per cent as at December 31, 2011. “FGB’s management is satisfied with the stabilisation of NPLs over the past 18 months and is comfortable with this level of coverage. Since the application of the new UAE Central Bank circular on reporting the NPLs at 90 days instead of 180 days the NPLs to Gross Loans ratio ranged between 3.7 per cent and 3.4 per cent, and we expect further reductions over the coming years,” said Sayegh.
Andre’ Sayegh said: “Our consistent positive performance stands as a strong undisputed assurance to the effectiveness of our dynamic strategy.” Capital Adequacy Ratio was much stronger at 22 per cent, against 21.5 per cent in the comparable period. The earnings per Share for the first six months of 2012 amounted to Dh0.64, which was 19 per cent higher than the same period in 2011.
Emirati Jiu-Jitsu stars win 23 medals, athletes grab 11 medals, and People of Determination excel with 14 medals
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