FGB profits decline in Q1 on higher provisions

Abu Dhabi – Mubasher: First Gulf Bank (FGB) posted a 14.3% year-on-year decline in the first quarter of 2017, according to a bourse filing.

Profits reached AED 1.14 billion ($310 million) in Q1-17, compared to AED 1.33 billion ($362 million) in Q1-16.

Provisions rose 7.8% to AED 346.49 million in Q1-17, compared to AED 375.99 million in Q1-16.

General and administrative expenses (G&A) rose 23.10% to AED 537.12 million in Q1-17, compared to AED 436.3 million in Q1-16.

Operating revenues reached AED 2.03 billion in Q1-17, a decline of 5.14% from AED 2.14 billion in Q1-16.

First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) merged to create First Abu Dhabi Bank which is now the “largest” bank in UAE and the MENA region with total assets in excess of AED 670 billion ($183 billion).

Mubasher Contribution Time: 20-Apr-2017 09:45 (GMT)
Mubasher Last Update Time: 20-Apr-2017 09:52 (GMT)

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