First Gulf Bank

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Pages 49
table
Tables 27
Chart
Charts 24
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• First Gulf Bank (FGB) has one of the highest Return on Average Asset (RoAA) at 2.8% and Return on Average Equity (RoAE) at 17.3% among banks in.....

Summary

• First Gulf Bank (FGB) has one of the highest Return on Average Asset (RoAA) at 2.8% and Return on Average Equity (RoAE) at 17.3% among banks in the UAE region. 
• The bank experienced a 11% growth in loans compared to the industry credit growth of 13% in 2014 and has a CAGR of 9.9% for the period, 2010-14. 
• 70% of the total lending of the bank comprises of personal loans, loans made to services sector and real estate & construction. 
• Of the total deposits, 47% come from government and public entities and 62% are time deposits ensuring stable sources of funding. 
• FGB remains well capitalized with the Capital Adequacy Ratio (CAR) at 17.5%. Non-Performing Loans (NPL) ratio has declined from 3.7% in 2010 to 2.5% in 2014. 
• Net profit of FGB has increased by a CAGR of 13.4% in the past five years (2010-2014). 
• FGB Stock price continuously outperformed the Abu Dhabi Index during 2010-2014. The stock registered a five year CAGR of 23.7% which was higher compared to the returns of Abu Dhabi index, which had a CAGR of 10.5% for the same period.

TOC

Table of contents
  1. Executive Summary
  2. Business Overview
    • Overview
    • Porter Five Force Analysis
    • STEEPLED analysis
  3. Financial Overview
    • 2014 Results
    • Loans & Deposits
    • Key Financial Ratios
    • Earnings Quality (EQ)
  4. Projections
  5. Peer Analysis
    • Domestic Peers
    • Regional Peers
    • Recent Developments
  6. Share Market Overview
    • Dividend
    • Risk Metrics
    • Liquidity
    • Analyst Calls
    • Credit Rating
  7. Appendix
    • Sector Overview
    • Growth Drivers

Tables & Charts

Tables
1.1    FGB Summary, 2014
1.2    FGB Business Review
1.3    FGB Financial Review
2.1    Top Banks in the Region, 2014
2.2    FGB International Footprint
2.3    Financial Ratios
2.4    Summary of Porter’s Five Forces analysis
2.5    Summary of STEEPLED analysis
2.6    SWOT analysis, FGB
3.1    Earnings Quality across time periods
3.2    Earnings Quality Components, Period End March-2015
4.1    Projections for Income Statement, Balance Sheet
4.2    Largest Current/Planned Projects in UAE (USD bn)
4.3    Credit Growth (in %)
4.4    FGB Key Ratios
5.1    FGB Peers, 2014
5.2    Profitability Ratios, 2014
5.3    Asset Quality Metrics, 2014
5.4    Capital & Liquidity Ratios, 2014
5.5    Rankings of Regional Peers based on RoAE (Values in USD bn)
6.1    Returns of FGB vs. ABbu Dhabi Index
6.2    FGB Dividends, 2010-14
6.3    FGB Risk Metrics
6.4    FGB Liquidity Metrics
6.5    FGB Credit Rating
7.1    Board of Directors and Designation
7.2    Profile of the Board of Directors

    Charts
2.1    Ownership structure of FGB
2.2    First Gulf Bank: Business lines
2.3    Key Milestones
2.4    Geographical Contribution, 2014
2.5    Business Mix – Profit Contribution, 2014
2.6    GDP per capita, Purchasing Power Parity (2013)
2.7    Fastest Real GDP Growth Rates in the World, (2008-13) CAGR basis
3.1    Net Loans (USD billion)
3.2    Loans by Sector, 2014
3.3    Assets 2010-14 (USD bn)
3.4    Assets by Type
3.5    Total Deposits (USD billion)
3.6    Deposits by Sector
3.7    Deposits by Type
3.8    Non-Interest Income (USD mn)
3.9    Non-Interest Expense (USD mn)
3.10    Net-Interest Income & Net Income (USD mn)
6.1    FGB, Abu Dhabi Index and Abu Dhabi Banking Index (2010-2015)
6.2    FGB Volume Traded (in mn) vs. Stock Price
6.3    Risk vs. Return: FGB and Peers, 2010-15
6.4     FGB Analyst recommendation across time periods
7.1    UAE Banking Sector (2010-2014) in AED billion
7.2    UAE Banks Credit Facilities by Sector in 2014
7.3    Market Share by Loans and Advances, 2013

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