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UAE’s First Gulf Bank Sees 9-11% Loan Growth In 2015

UAE’s First Gulf Bank Sees 9-11% Loan Growth In 2015

FGB, the third-largest lender in the UAE by assets, reported a 13 per cent rise in Q4 net profit in January.

Abu Dhabi’s First Gulf Bank expects to achieve loan growth of 9-11 per cent in 2015 and net interest margins will stabilise this year as liquidity reaches “reasonable levels”, senior executives said on Wednesday.

“In 2014, we grew (loans by) 11 per cent, so 9, 10, 11 per cent is what would you expect from us,” Chief Financial Officer Karim Karoui told reporters after the bank’s annual shareholder meeting.

Chief Executive Andre Sayegh provided the forecast on net interest margins for 2015, which were 3.58 per cent last year.

The bank is applying for a branch licence in India, having opened a representative office in the country in October 2009.

FGB, the third-largest lender in the United Arab Emirates by assets, reported a 13 per cent rise in fourth-quarter net profit in January that beat analyst estimates.

It issued a $750 million, five-year bond earlier this month.

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