First Gulf reports record AED6b net profit for group

|By Arabian Post Staff| FGB, one of the leading banks in the UAE and the largest by market capitalisation, achieved a record group net profit of AED 6.03 Billion for the full year 2016, compared to AED 6.01 billion in 2015.

Full year 2016 earnings per share amounted to AED 1.32, compared to AED 1.31 in 2015.

Commenting on the results, Abdulhamid Saeed, FGB’s Managing Director and Board Member, said the results reflect consistent bottom line growth for the 17^th year in a row, which is an extraordinary accomplishment. This translated to total returns of around 40 times since FGB shares were listed on the Abu Dhabi Stock Exchange in June 2002, he pointed out.

André Sayegh, CEO,  attributed strong results to strategic actions implemented to navigate volatile global operating conditions. Net Interest Margin held up well in the fourth quarter and the liquidity position is always optimised and maintained within regulatory requirements. He said the non-performing loan ratio is at a 7 year low of 2.3% with a provision coverage of 121.1%.

FGB’s Board of Directors recommended the distribution of a cash dividend of 100% (or AED 1 per share) for the financial year ended 31 December 2016. This implies total cash dividends of AED 4.5 billion, similar to 2015.

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