First Gulf Bank’s Profit Soars 43%

ABU DHABI, 27 October 2003 — First Gulf Bank in the United Arab Emirates reported yesterday net profits of 81.6 million dirhams ($22 million) for the first nine months of 2003, a 43 percent increase on the same period last year. Total operating income reached 184.2 million dirhams ($50 million), up 61 percent compared to the same period in 2002, while total assets soared 32 percent to 6.6 billion dirhams ($1.8 billion), the bank said. The bank’s board recently announced it will increase equity by 800 million dirhams ($218 million) by introducing a “strategic partner or partners” through the issuance of bonds, a company statement said.