Financial and Banking News
FGB Loses 10% of Equity
The small Ajman-based First Gulf Bank (FGB) has posted a Dh22.8mn ($6.2mn)loss for 1987 and is the first of the smaller banks in the UAE to declare aloss. FGB's loss came about as a result of an increase in loan loss provisioningfrom Dh38mn (16.8% of total loans) in 1986 to Dh64.4mn (30% of total loans) in1987, although the bank's pre-provision income also declined by 25% to Dh24.7mn.Underlying this...
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