Abu Dhabi: First Gulf Bank (FGB), the Abu Dhabi-listed bank, reported on Wednesday Dh2.64 billion in net profit for the first half of 2016, marking an eight per cent decline compared to the Dh2.87 billion recorded in the same period in 2015.
The results put the bank’s net profit for the second quarter of this year at Dh1.31 billion, down 10 per cent on the Dh1.45 billion in same quarter in 2015.
“We are mindful of a range of global macroeconomic challenges affecting investor sentiment, including the UK’s decision to leave the European Union. As recently indicated by the International Monetary Fund, economic growth is projected to improve in the medium term as enhanced liquidity, a pick-up in private investment, and stronger external demand restore investor confidence,” said Andre Sayegh, FGB’s chief executive officer.
He said that he expected the bank to be able to capitalise on future opportunities both in the UAE and abroad.
FGB’s loans reached Dh153.8 billion at the end of June 2016, marking a three per cent year-on-year increase, while customer deposits remained flat year-on-year at Dh139.7 billion.
