FGB, one of the leading banks in the UAE, delivered a strong set of results in the first quarter of 2015 with a Group Net Profit of AED 1,417 Million, a 7% increase compared to the same period in 2014.
Abdulhamid Saeed, FGB Managing Director and Board Member, said: “FGB’s first quarter results demonstrate a continuation of what we have delivered in previous quarters, and mark another resilient and strong performance against a challenging operating environment. We are continuing to leverage on the strengths of our business model to record consistent growth in assets and profitability. More importantly, we are diligently executing our strategy in a way that is allowing us to continue our trajectory of sustainable growth and value creation.”
André Sayegh, CEO of FGB, commented on the bank’s performance during the first quarter of this year, saying: “After a record 2014, we are starting 2015 with confidence thanks to an efficient business set-up which has allowed us to pursue our growth momentum while capitalising on a strong and defensive balance sheet to weather both industry and macro challenges. It is true that competition in the banking sector remains intense, however, that is exactly what gives FGB more drive to innovate and deliver a stronger performance quarter after quarter. We are leveraging on enhanced product and service capabilities to serve our customers better while optimising cross-sell and synergies within the FGB group, in the domestic as well as overseas markets. As a result of this strategy, FGB’s revenue model is gradually shifting, whereby non-interest income continued to grow, reaching 32% of total revenues against 29% last year, which is a great achievement in line with our plans to diversify revenue sources.”
