UAE’s First Gulf Bank (FGB) has reported a net profit of AED6.01bn ($1.63bn) for the financial year 2015, an increase of 6% compared to AED5.66bn a year ago.
The bank’s operating income stood at AED9.43bn, a rise of 5% from AED8.97bn in the prior year.
Net Interest and Islamic financing income decreased 1% year-on-year to AED6.43bn from AED6.47bn, the bank said in its earnings statement.
Loans and advances were AED149.8bn at December 15, up 7% from AED139.7bn at December 2014. Customer deposits at December 2014 were AED142.5bn, an increase of 1% from AED141.3bn a year earlier.
FGB managing director and board member Abdulhamid Saeed 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."