FGB, one of the leading banks in the UAE, announced its financial results for the first nine months of 2014 showing a record net profit of AED 4,105 Million, up 21% compared with the same period last year. With total assets crossing the AED 200 Billion mark, FGB’s solid performance was driven by continued revenue momentum across businesses combined with expense rationalization and risk discipline. During the third quarter of 2014, FGB achieved a record net profit of AED 1,425 Million, an increase of 6% from Q2’2014 and 20% from Q3’13. 

Abdulhamid Saeed, FGB’s Managing Director and Board Member, said: “FGB enjoyed another strong set of results during the period as we continue to deliver on our strategy to expand our business offerings in a manner that best serves our customers and that complements our operations. The consistent growth of our business and the strength of our franchise are playing an important role in accompanying the development of the UAE economy and we continue to be committed and to take great pride in fulfilling this duty.”

While the bank has implemented important initiatives to enhance its operations, FGB’s commitment in its people was recognised at the GCC Best Employer Brand Awards 2014, where it was named as an ‘employer of choice’ in the UAE. The bank was selected for its efforts in promoting innovation amongst its staff members and consistent improvement of HR policies and practices to best suit employee and business needs.

FGB’s credit cards company “Dubai First” had positive developments this quarter, it scooped the ‘Most Innovative Consumer Marketing Campaign’ award for the Middle East and Africa Region at the MasterCard Innovation Forum 2014, for its Dubai Moments Credit Card. Also during the period and for the second consecutive year, FGB Wealth Management business successfully hosted its Annual Investment Conference, demonstrating leadership in the industry.

Andre Sayegh, CEO of FGB, commented: “During the third quarter of this year we continued to achieve outstanding results as our Group reaps the rewards of our established successful business model focusing on diversification, specialization, customer-centricity, and enhanced cross-sell across core businesses and selected geographies.  We are continuing to build on the recent enhancements within our internal structure, to extend our capabilities and further strengthen our balance sheet, ratios and overall market position. We are on the right track to achieve another record performance at the close of 2014, ensuring the sustainable and disciplined future growth of our operations. The recognitions we have received this quarter serve as an additional confirmation, both to the bank’s management and to our stakeholders, that our corporate strategy and actions are paying off and will enable us to secure a sustainable success in the future.”

In line with its strategy to enhance focus on core businesses, FGB signed a Share Purchase Agreement (SPA) earlier this month with Integrated Financial Group (IFG) for the sale of its entire 45% stake in brokerage firm First Gulf Financial Services (FGFS). This transaction is pending regulatory approvals and supports FGB strategy to continue investing in core banking capabilities both locally and overseas. 

In addition to the recent enhancement of the Bank’s presence in Asia, FGB’s new London representative office is bound to play a pivotal role in the development of new business links with UK-based financial institutions and large corporate clients and in providing support to local and international FGB clients looking to expand their activities in the UK. The new office will support cross-border business flows between the UK and Europe into the FGB network and will provide trade finance, debt markets, Islamic finance and treasury products and services to clients. 

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