The First Gulf Bank (FGB), owned by Abu Dhabi's ruling family, reported a record 10 per cent growth in the net profit for the full year in 2009. Its net profit stood at AED 3,310 million during the period, representing its traditions to deliver strong financial results every year.

First Gulf Bank (FGB) has registered 9% growth in its net profit which stood at Dh930 million in the third quarter.

In the similar quarter last year, the bank had clocked a net profit of Dh850.12 million.

The bank has posted 5% growth in its net profit for the nine-month period which stood at Dh2.456 billion, over the same period last year.

Loans as well as advances surged 4.6% to Dh90 billion in the third quarter while deposits rose 6.7% to Dh89.4 billion. Total assets climbed 16% at Dh124 billion ending September 2009.

After Abu Dhabi's First Gulf Bank booked extra provisions against losses from the financial crisis that has hit banks across the Gulf Arab region, it suffered a fall in second- quarter net profit by 4.13 percent.

Via a statement, the bank said: "During the quarter, additional loan portfolio general provisions of 260 million dirhams were taken over and above the 220 million booked in the first quarter."

A fall of 4.3 per cent in second-quarter profits was yesterday announced by First Gulf Bank (FGB), an Abu Dhabi-based lender; after it set aside Dh260 million as a precaution against bad loans, including loans to two troubled Saudi conglomerates.

The bank specified via a statement that profits of Dh775 million in the quarter ended June 30 were booked by the bank, down from Dh808.41mn in the second quarter of last year.