ABU DHABI, 11 July 2004 — First Gulf Bank in the United Arab Emirates announced yesterday an 80 percent increase in net profits for the first half of 2004 to 101.8 million dirhams ($27.7 million). “We have set aggressive strategies and budgets for this year, and our financial performance results are as per plan,” said Chief Executive Officer Abdul Hamid Said. “The market is still full of opportunities and we will ensure that we maximize our returns in this booming economy.”
Operating income rose to 186 million dirhams ($50.6 million), up 59 percent on the same period of 2003, while total assets reached 8.3 billion dirhams ($2.2 billion), 40 percent higher than last year. The bank posted net profits of 120.9 million dirhams ($33 million) in 2003, up 50 percent on the previous year.
