UAE lender First Gulf Bank PJSC (FGB) said, it has posted 8 per cent growth in net profits reaching Dh3.70 billion in 2011, higher than it did last year. Its net profits for the fourth quarter amounted to Dh1.02 billion, 18 per cent higher than same quarter of 2010 at Dh865 million, and 11 per cent higher than the third quarter of 2011.
Due to the growth in the asset book, the net interest and islamic financing income for the full year 2011 was at Dh5.07 billion, 19 per cent higher than 2010, the corporate and retail fees and commissions stood at Dh1.20 billion, 19 per cent lower than 2010, mainly on the back of regulatory changes to the retail lending framework implemented in May 2011………………………………………..Full Article: Source