FGB posts record profit of Dh808 million in Q2

The net profit for the first half of this year stood at Dh1.484 billion, 69 per cent higher than the Dh880 million generated during first half of 2007.

The financial performance during the second quarter, reflects all round handsome growth, as net interest and Islamic financing earnings for the quarter grew to Dh622 million, 112 per cent higher than the same quarter last year and 47 per cent higher than the previous quarter. Non interest income, including share of profit of associates, was seen at Dh591 million, which is 65 per cent higher than same quarter of last year.

The total revenue for the quarter stood of Dh1.213 billion, of which the contribution of the core banking operations represented 91 per cent.

At the end of June 2008, FGB reported Total Assets at Dh94 billion, 65 per cent higher than June last year and 29 per cent higher than December 2007. Compared with the same periods, Loans at Dh66 billion were higher by 92 per cent and 48 per cent respectively.

Deposits increased by Dh10 billion during the second quarter of 2008 to reach Dh61 billion. Total shareholders’ Equity stood at Dh11.3 billion.

The Earning Per Share (EPS) was Dh1.08 for the first six months of the year, compared to Dh0.70 for the same period of 2007.

The growth occurred in all the major businesses of the bank and its subsidiaries and associate companies, which are now fully integrated within the FGB Business Group. The Net Profit generated by the main banking businesses - Corporate, Retail, Treasury, Investments, Islamic and Singapore - contributed 72 per cent to the total Net Profit of the Group while the remaining 28 per cent was contributed by FGB’s two subsidiaries and three associate companies.