Abu Dhabi – Mubasher: First Gulf Bank’s (FGB) profit declined in the first quarter of fiscal 2016 by 6.3% year-on-year.
Net profit reached AED 1.33 billion ($362 billion) in Q1-16, versus AED 1.42 billion ($386 million) in Q1-15, according to a statement released by the bank on Wednesday.
Operating revenue also decreased by 5% to AED 2.14 billion ($241.004 million) by the end of March 2016, compared to AED 2.25 billion ($253.392 million) in the same period of 2015.
Total deposits reached AED 140.8 billion ($38.34 billion) in the period, 12% down from AED 142.9 million ($38.91 million) a year earlier.
The bank’s stock stood on Wednesday at AED 13 ($3.54) after exchanging 3.9 million shares at AED 50.9 million ($13.86 million).
