Abu Dhabi – Mubasher: First Gulf Bank (FGB) on Wednesday reported a decline in its net profits for the fourth quarter of 2016.
The Abu Dhabi-listed bank’s profits fell 11% to AED 1.53 billion ($416 million) in Q4-16 compared with AED 1.72 billion ($468 million) in the same period in 2015, according to a bourse filing.
Annually, the bank posted a marginal growth of 0.3% for the full year 2016, with profits reaching AED 6.03 billion, compared to AED 6 billion by the end of 2015.
FGB’s full year 2016 earnings per share (EPS) amounts to AED 1.32, the bank said in its statement.
The bank’s board recommended the distribution of 100% cash dividends for 2016, totalling AED 4.5 billion and representing 75% of profits for the full year 2016.
Following the dividend distribution, FGB “maintains a robust capital position with total Capital Adequacy Ratio at 18.3% and Tier 1 Capital at 17.1%,” the statement showed.
The bank’s revenues for 2016 grew 2% year-on-year to AED 9.58 billion.
“Excluding property-related gains, fourth quarter revenues are up 9% year-on-year, reflecting strong core banking performance,” FGB stated, adding that its liquidity position was well within Central Bank’s regulatory requirements with Advances to Stable Resources Ratio at 86.7%.
FGB previously posted a net profit of AED 1.86 billion in Q3-16, up 31% from AED 1.42 billion in the year-ago period.
