First Gulf Bank’s first quarter net profit surges 27 per cent | GulfNews.com

First Gulf Bank’s first quarter net profit surges 27 per cent | GulfNews.com:



"First Gulf Bank (FGB) recorded a net profit of Dh1.33 billion in the first quarter of 2014, up 27 per cent compared to the same period in 2013.



In the first quarter of this year the bank reported total revenue of Dh2.25 billion, up 20 per cent compared to the first quarter of 2013. This was the result of a 17 per cent growth in net interest and Islamic financing income to Dh1.6 billion combined with a 27 per cent rise in other revenues to Dh650 million.



As part of its ongoing strategy to diversify revenue streams, non-interest revenues grew their share in total operating income to 29 per cent compared with 27 per cent in the first quarter of 2013. On the other hand, net interest and Islamic financing income contributed 71 per cent to total revenues compared to 73 per cent in the same period last year."



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