Abu Dhabi-Mubasher: First Gulf Bank (FGB) posted a 10% rise year-on-year in its profits for the second quarter of 2016, according to a statement.
Profits reached AED 1.305 billion ($355 million) in Q2-16, compared to AED 1.452 billion ($395 million) in Q2-15.
The bank reported net profits of AED 2.64 billion in the first six months ended 30 June 2016, a decline of 8% from AED 2.87 billion in the prior-year period.
Earnings per share (EPS) stood at 58 fils in H1-16, compared to 62 fils in H1-15.
“These results were achieved on the back of an enhanced model across our businesses, geared to support higher profitability in the medium to long term, and create sustainable value for our shareholders,” according to FGB CEO André Sayegh.
During the period, FGB’s credit ratings were affirmed at A2, A and A+ by Moody's Investors Service, Standard & Poor’s (S&P) and Fitch Ratings respectively.
Moody’s changed FGB’s long-term rating outlook from “Stable” to “Positive”. The rating followed the announcement on 3 July that FGB and National Bank of Abu Dhabi (NBAD) have entered into a merger agreement.
