FGB reports group net profit of AED 4.29B for the first nine months of 2015

FGB, one of the leading banks in the UAE, reported a Group net profit of AED 4.29 Billion for the first nine months of 2015, a 4% increase compared to the same period last year. In the third quarter of the year, net profits stood at AED 1.42 Billion, against AED 1.43 Billion in the third quarter of 2014. Earnings Per Share for the nine-month period ended 30 September 2015 amounted to 93 fils, up 5% from 89 fils in the first nine months of 2014.

Commenting on the results, Abdulhamid Saeed, FGB’s Managing Director and Board Member, said: “FGB delivered a good performance over the first nine months of 2015 despite macro headwinds both globally and regionally. Our primary objective is to generate value to our shareholders, thus our financial performance aims to deliver a consistent and sustainable growth both in the short and long term, away from volatility. We are confident in our ability to deliver on this promise by successfully navigating through the different cycles of the economy.” 

André Sayegh, CEO of FGB, added: “During the first nine months of 2015, we have successfully executed our strategic agenda by continuing to improve our product offering, our services and our processes across the Group. Our focus on synergies and revenue diversification ensures that our business is resilient to macroeconomic challenges, resulting in an intact business momentum. As a result, our profitability improved by 4% during the first nine months of the year, which we consider as a good achievement and an endorsement to our strategy in the current operating environment.

In the context of prevailing global markets volatility, our focus remains on optimising balance sheet structure and on managing liquidity in order to meet an evolving regulatory framework while at the same time providing the best supporting platform to serve the core financial needs of our customers. As a result of our efficient financial model, our equity position is very solid and our liquidity profile is fully compliant with the Central Bank liquidity criteria requirements in terms of Liquidity Coverage Ratio (LCR) as per the Basel III glide path.”