Abu Dhabi / Emirates Business
FGB, one of the leading banks in the UAE, achieved a record Group net profit of AED 6.01 billion for the full year 2015. Total income for the year grew by 6 percent, marking the 16th consecutive year of consistent growth in profitability for FGB. Full year 2015 Earnings Per Share amounted to AED 1.32, an increase of 8 percent from AED 1.22 in 2014.
Commenting on the results, Abdulhamid Saeed, FGB’s Managing Director and Board Member, said, “In spite of complex and volatile operating conditions, FGB was able to deliver a solid set of results in 2015, demonstrating our unique ability to show resilience by quickly adapting to new market trends.
The Bank’s performance shows a consistent growth in net profits for the 16th year in a row, which is an extraordinary achievement. We are looking ahead with confidence as we will continue to deliver on our long term strategy in a disciplined manner and prudently manage risks to continue maximising returns for all our stakeholders.”
FGB’s Board of Directors recommended the distribution of a cash dividend of 100 percent (or AED 1 per share) for the financial year ended 31 December 2015. This implies total cash dividends of AED 4.5 billion, compared to AED 3.9 billion in 2014.
The recommended dividend proposal is subject to the UAE Central Bank’s final approval, followed by the approval of the Ordinary General Assembly of Shareholders which will be held in Abu Dhabi on Wednesday 24th February 2016.
André Sayegh, CEO of FGB, added, “In 2015, FGB delivered a robust set of results. In spite of a challenging operating environment we generated a net profit in excess of AED 6.0 Billion, the highest to-date.”
“This achievement reconfirms the solid foundation of our business model and the strength of our franchise,” pointed out Sayegh.
Sayegh concluded, “Although global economic conditions appear to be challenging in 2016, it is a market reality that the UAE has always overcome downturns, and reemerged with a stronger momentum.”
A key factor behind the UAE’s resilience is its strong competitiveness and the unique advantages it offers as a business environment including state-of-the-art infrastructure, an environment of low taxation, a strong regulatory framework, and a strategic geographical location within the reach of billions of consumers. Moreover, the UAE enjoys a developed banking sector composed of a mix of local and international banks which facilitate business activities. With a regulatory framework aligned with international standards, the UAE banking sector fundamentals are particularly solid in terms of Capital Adequacy, liquidity and asset quality, placing the industry in a strong position to support economic growth.”