FGB achieves record net profit of AED6.03 billion

Abu Dhabi / Emirates Business

FGB, one of the leading banks in the UAE and the largest by market capitalisation, achieved a record group net profit of AED 6.03 billion for the full year 2016, compared to AED 6.01 billion in 2015, marking its 17th consecutive year of consistent growth in profitability. Full year 2016 Earnings Per Share amounted to AED 1.32, compared to AED 1.31 in 2015.
Commenting on the results, Abdulhamid Saeed, FGB’s Managing Director and Board Member, said: “FGB delivered a resilient performance in 2016, amidst challenging operating conditions. The Bank’s solid results reflect consistent bottom line growth for the 17th year
in a row, which is an extraordinary
accomplishment.
Maximising value for our stakeholders has been the hallmark of our growth story from day one. For our shareholders, this translated to total returns of around 40 times since FGB shares were listed on the Abu Dhabi Stock Exchange in June 2002. This is another incredible achievement in a long list of milestones which make FGB’s history, since the bank’s establishment in 1979, so unique and one that we are so proud of. I would like to thank everyone who contributed to this remarkable journey, their unyielding trust and confidence has been our strongest asset and the engine behind our success.”
André Sayegh, CEO of FGB, added: “I am extremely pleased with our performance in 2016. I reiterate that FGB’s business model is built on a solid, yet dynamic strategy, demonstrating resilience in a challenging global operating environment, thus resulting in a record Group Net Profit of AED 6.03 Billion. Our strong set of results is testament to the success of the strategic actions we have implemented in order to navigate volatile global operating conditions. Throughout the years, we were able to build resilience and earnings momentum by focusing on the prudent and selective growth of risk assets, on funding cost optimisation and on the efficient allocation of resources. As a result of our focused efforts to safeguard strong fundamentals, our Net Interest Margin held up well in the fourth quarter and our liquidity position is always optimised and maintained within regulatory requirements.