fgb investor presentation · fgb summary profile leading uae franchise; #1 uae bank by net profit...
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FGB Investor Presentation
September 2015
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Disclaimer
This presentation provides information in summary form only and is not intended to be complete. It is not intended to be relied upon as
advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any
particular investor.
No presentation ,express or implied, is made as to the fairness accuracy, completeness or correctness of information contained in this
presentation, including the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, synergies, returns,
benefits or statements in relation to future matters contained in the presentation.
The forward-looking statements are by their nature subject to significant uncertainties and contingencies and are based on numbers or
estimates or assumptions that are subject to change (and in many cases are outside the control of FGB and its directors) which may
cause the actual results or performance of FGB to be materially different from any future results or performance expressed or implied
by such forward looking statements.
To the maximum extent permitted by law, FGB disclaims any responsibility for the accuracy or completeness of any information
contained in this presentation including any forward-looking statements and disclaims any responsibility to update or revise any
information or forward-looking statement to reflect any change in FGB’s financial condition, status or affairs or any change in the
events, conditions or circumstances on which a statement is based.
To the maximum extent permitted by law, neither FGB nor its related bodies corporate, directors, employees or agents, nor any other
person, accepts any liability, including, without limitation, any liability arising from fault or negligence, for any direct, indirect or
consequential loss arising from the use of this presentation or its contents or otherwise arising in connection with it.
Please note that rounding differences may appear throughout this presentation.
This presentation should be read in conjunction with other publicity available material. Further information including historical results
and a description of the activities of FGB is available on our website, www.fgb.ae
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Contents
OperatingEnvironment FGB Profile Capital Liquidity &
Funding
Asset Mix &Asset
QualityAppendix
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-4
-2
0
2
4
6
8
10
12
2010 2011 2012 2013 2014e 2015e 2016f
%
UAE Economic OverviewREAL GDP GROWTH (YOY % CHANGE)SOLID FUNDAMENTALS
UAE GDP BREAKDOWN BY SECTOR³ FISCAL BALANCE (AS % GDP)Source: IMF
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
Agriculture1%
Mining &Quarrying
35%
Manufacturing
9%Electricity,Gas, Water
2%Construction
9%
Trade,Restaurant &
Hotels14%
Transport9%
Real Estate &BusinessServices
10%
Finance8%
GovernmentServices
1%
Other2%
UAE federation was established in 1971 and comprises of sevenEmirates
Politically stable country and highly favorable business climate
Second largest economy in the GCC; Total population of 9.3Million
7th largest oil reserves in the world (97.8 Bn boe¹)
FY15e nominal GDP estimated at USD 364Bn
2015e and 2016f Real GDP growth both seen at 3.2%², down from3.6% in 2014, due to lower oil prices
According to the IMF, UAE fiscal deficit would reach 3.0% of GDPin 2015e
Source: IMF statistic as of April 2015¹Bp report June 2015²IMF statistic as of April 2015³UAE National Bureau of Statistics, 2014 GDP
-1
1
3
5
7
2010 2011 2012 2013 2014e 2015e 2016f
%Real GDP Growth Oil Real GDP GrowthNon-Oil Real GDP Growth
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Abu Dhabi Economic Overview
Sharjah
ABU DHABI
Dubai Ajman
Umm al-Quwayn
Ras al-Khaymah
Fujairah
ABU DHABI AT A GLANCE
1 Source: Moody’s Credit Analysis Report on Government of Abu Dhabi published on 26 January 20152 Source: Statistics Center Abu Dhabi (SCAD) 2015, preliminary estimates
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
Largest Emirate in the UAE accounting for more than 80%of the country’s total land area
Abu Dhabi Nominal GDP estimated at USD 261.6Bn inFY14e1, that’s 65% of UAE overall nominal GDP
51% of 2014e² GDP generated from the hydrocarbon sector
Major non-oil GDP contributors include: construction andreal estate, manufacturing, logistics, and wholesale andretail trade
Transition underway towards a more diversified economywith a particular focus on the infrastructure and servicessectors inline with Abu Dhabi Plan 2030
Economic Structureand Performance 2013 2014e 2015f
Nominal GDP (USD Bn) 259.6 261.6 213.3
Nominal GDP (% change) 4.8 0.8 -18.4
Real GDP (% change) 5.2 4.1 2.5
Inflation Rate (CPI, % change) 1.3 3.0 3.2
Crude Oil Export Price (avg USD/b) 108.8 100.7 55.0
ABU DHABI – KEY STATISTICS¹
Mining andQuarrying
51%
Construction10%
Financial andInsurance
7%
Real estate5%
Publicadministration
and defense6%
ManufacturingIndustries
5%
Transportand Storage
4%
WholesaleRetail Trade
and RepairingServices
4%
Others8%
ABU DHABI – GDP BREAKDOWN BY SECTOR 2014²
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GCC Country SWF Assets/General Gvt Expenditure (Years)Kuwait 7.6UAE 5.1Qatar 4.7Saudi Arabia 2.7Oman 1.7Bahrain 1.2
UAE and the oil price shock
SIZEABLE ASSET BUFFERS TO WITHSTAND OIL PRICE DROP
OIL PRICE/ UAE NOMINAL GDP 1990-2015EEIBOR/ LIBOR SPREAD
1UAE Purchasing Manager Index is a composite indicator designed to provide an overall view of activity in the UAE’s non-oil private sector economy.The indicator is derived from individual diffusion indices which measure changes in output, new orders, employment, suppliers’ delivery and stocks of goods purchased.
Source: “Resilience to Lower Oil Prices Varies; Bahrain and Oman most exposed”, Moody’s Dec’14
Source: Bloomberg Source: IMF
UAE PMI1 ABOVE THE 50-MARK
Source: Markit/HSBC
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
55.8
40
45
50
55
60
65
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15
0.6
0.65
0.7
0.75
0.8
0.85
0.2
0.25
0.3
0.35
0.4
31-Dec-14 28-Feb-15 30-Apr-15 30-Jun-15
3M LIBOR
3M EIBOR
3M LIBOR % 3M EIBOR %
050100150200250300350400450
-
20
40
60
80
100
120
1990 1995 2000 2005 2010 2015e
USD
Bn
USD/
bl
Crude Oil Price(USD)UAE NominalGDP (USD Bn)
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Figures in USD Bn Jun’15 YTDChange
YoYChange
Total Assets, net 633 5.2% 9.1%
Loans and Advances, net 368 5.3% 10.5%
Customer Deposits 393 1.6% 3.1%
LDR 94% 4.0% 7.0%
CAR 18.3% - -
Tier 1 capital 16.5% - -
UAE Banking Sector Landscape
OUTLOOK KEY INDICATORS1
1 Source: UAE Central Bank
SYSTEM LOAN-TO-DEPOSIT RATIOSYSTEM DEPOSIT SURPLUS AT USD 25BN AS OF JUN’15
2 1 4
-5
0
-19
-10
5
0
19
27
38
25
-30
-20
-10
0
10
20
30
40
50
Dec'03 Dec'04 Dec'05 Dec'06 Dec'07 Dec'08 Dec'09 Dec'10 Dec'11 Dec'12 Dec'13 Dec'14 Jun'15
USD
Bn
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
108%
94%
80%
85%
90%
95%
100%
105%
110%
Dec'03Dec'04Dec'05Dec'06Dec'07Dec'08Dec'09Dec'10Dec'11Dec'12Dec'13Dec'14Jun'15
UAE Banking sector comprises 51 banks (23 local, 28 foreign)
Strong track record of systemic support as evident through themeasures taken at the onset of the financial crisis
As of Jun’15, system loan book grew 5% YTD (+USD 18.6Bn) whilecustomer deposits added 2% YTD (+USD 6.3Bn); this implied asystem L/D ratio of 94%, translating to a system-wide net depositsurplus of USD 25Bn
At the end of May, the UAE Central Bank released a liquiditycircular introducing a pathway for UAE banks to migrate to aBasel III Liquidity Coverage Ratio (LCR) regulatory environment.The Basel III glide path was set at 60% for the current year.
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FGB Summary Profile
Leading UAE franchise; #1 UAE bank by net profit in FY’14 for the secondconsecutive year and #3 by total assets; 11% and 10% market shares in loansand deposits respectively.
Superior fundamentals in terms of growth, NIMs, cost efficiency, asset qualityand profitability
Strong Credit Ratings: A2 by Moody's and A+ by Fitch
Comfortable liquidity position and access to multiple funding channels
Strong risk management culture and stable management team
Business model re-aligned to drive sustainable value creation
Robust capital position: Basel II total CAR at 18.7% and Tier 1 capital ratio at17.5% as of Jun’15
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
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Aseel Finance to provide innovativeIslamic products to a broad base ofcustomers and businesses
Dubai First to provide specialistcredit card propositions to theexpanding UAE customer base
Enhance fee income throughcomprehensive propertymanagement of residential andcommercial real estate assetsacross the UAE
Geographic diversification throughexpansion of existing operationsand penetration in key markets
Focus on trade and financial flowsthrough the UAE into targetinternational locations
Sourcing and distribution of tradeand financing opportunities acrossthe FGB network
Build deeper client relationships,providing solutions and highquality service
Continue to target largecreditworthy UAE-based customers
Develop and strengthen acustomer-centric approachemphasizing on bespoke servicequality and product range
Three-Pillar Strategy
ORGANIC GROWTH OFCORE BANKING ACTIVITIES
SELECTIVE REGIONAL ANDINTERNATIONAL EXPANSION
SYNERGIES WITHSUBSIDIARIES AND ASSOCIATES
1 2 3
Our Mission:To Be the “First Choice” for customers
Our Vision:To Be Recognised as a World-Class Organization Maximizing Value For All Stakeholders
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
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Business Segments
Original core business of theBank
Customer base includes largecorporate & multi-nationalclients and financialinstitutions
Services include debt markets(advisory, bilateral, &syndicated loans, DCM, projectand structured finance),transaction banking (cash,trade, liabilities), CorporateFinance, and Islamic Finance(bilateral trading, tradefinance) supported by treasurysales (hedging, FX, rates,commodities)
Organized geographicallyacross UAE and internationallocations (Singapore, Libya,Hong-Kong, Qatar, India, UKand South Korea)
Core Banking Revenue Drivers
Focus on key customersegments: Emirati, Mass, SME,Wealth
Leverage product innovation,analytics, and alliances tocreate differentiation
Investing for the future andenhancing customerexperience throughtechnology and processimprovements
Positioning as Bank of Choicefor UAE Nationals
Manage National Housing Loanprogram for Abu Dhabigovernment
Manages FGB’s wholesalefunding activities and liquidity,interest rate and foreignexchange risk, and proprietaryinvestment portfolio
Provides bespoke riskmanagement solutions to theBank’s clients across FX,Interest Rate, Credit andCommodity asset classes
Also provides client investmentsolutions via structuredproducts, asset management,equity brokerage and margintrading
Strong growth opportunitiesproviding an access point tothe global markets byleveraging on strongcorrespondent bankingrelationships
Subsidiaries: First Gulf LibyanBank, First Gulf Properties,Aseel Finance, Dubai First,Mismak Properties, FirstMerchant International,Radman Properties, FGIT
Associate companies*: GreenEmirates Properties
Head Office support units:Audit, Financial Control, HR,Operations, Strategy andPlanning, PMO, Admin, Legal,Risk Management, CorporateCommunications
WHOLESALE BANKING CONSUMER BANKINGTREASURY &
GLOBAL MARKETS SUBSIDIARIES & OTHER
Incremental RevenueStreams
Note: % of Assets as of June-end 2015. % of H1’15 Revenue*In October 2014, the Bank entered into a sale and purchase agreement in respect of its investment in First Gulf Financial Services (FGFS)to a third party for a total consideration of USD 10.4Mn. The sale was effective in Q1 2015 generating a gain on sale of associate of USD 4Mn.
44% 36%
% of Assets % of Revenue
24% 38%
% of Assets % of Revenue
22% 14%
% of Assets % of Revenue
10% 12%% of Assets % of Revenue
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
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Key Achievements
NET INTEREST MARGIN (%) NPL RATIO (%) PROVISION COVERAGE (%)
COST TO INCOME RATIO (%) ROAE (%) ROAA (%)
3.83.7 3.7 3.6
3.4
2011 2012 2013 2014 H1'15
3.4 3.3 3.3
2.5 2.6
2011 2012 2013 2014 H1'15
98.496.1
91.1
126.7
116.6
2011 2012 2013 2014 H1'15
18.9 19.621.0
23.1 24.1
2011 2012 2013 2014 H1'15
14.6 14.8
15.8
17.3 17.1
2011 2012 2013 2014 H1'15
2.5 2.52.6
2.82.7
2011 2012 2013 2014 H1'15
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
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14
1,540
0 800 1600
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
0.7
57.8
0 30 60
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
'14
An impressive journey of consistent growth and valuecreation over the past 15 years
Total Assets (in USD Bn) Market Cap (in USD Bn)Net Profit (in USD Mn)
x113 x88 x124
Source: FGB, Bloomberg
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
0.15
18.9
0 10 20
'00
'01
'02
'03
'04
'05
'06
'07
'08
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'12
'13
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30 Jun'15
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Ranking
Profitability& Efficiency
Return on Average Equity* % 17.1 14.4 14.0 19.0 #2
Return on Average Assets* % 2.7 1.5 1.8 2.4 #1
Cost to Income % 24.1 37.5 29.3 32.4 #1
Net Interest Margin % 3.4 2.0 2.8 3.5 #2
Earnings Per Share* USD 0.35 0.30 0.30 0.27 #1
Asset QualityNPL ratio % 2.6 2.6 7.4 3.0 #1
Provision Coverage % 116.6 112.0 109.8 138.6 #2
Liquidity
Net Loans to Total Assets % 68.0 55.5 66.0 68.7 #2
Loans to Deposits % 106.1 94.7 93.3 110.7 #3
Liquid Asset Ratio % 12.3 21.5 23.8 14.9 #4
SolvencyTier 1 Capital % 17.5 15.4 18.0 16.1 #2
Capital Adequacy % 18.7 16.6 21.0 19.8 #3
FGB vs. large domestic peers – H1’15
*Annualized
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
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FY15 Financial Guidance
Oldas initially provided in Nov’14
Newas revised post H1’15 results
LOAN BOOK GROWTH High Single-Digit 10-12%
REVENUE GROWTH Double-Digit Mid-single digit
NIMS 25bps – 35bps decrease 25bps – 35bps decrease
EXPENSES C/I Ratio: 23%-24% C/I Ratio: 23%-24%
ASSET QUALITY CoR ~ 100bps CoR: 80-90bps
NET PROFIT GROWTH Low Double-Digit 8-10%
ROAE* 18% ~18%
TIER 1 CAPITAL* 15%-16% 15%-16%
*Including perpetual notes
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
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Capital Strength (Basel II)CAPITAL ADEQUACY RATIO (%)
RISK WEIGHED ASSETS (USD BN)CAPITAL BASE (USD BN)
HIGHLIGHTS
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
47.3 48.0
50.0 50.4 50.7
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
9.0
9.4
8.7
9.1
9.5
8.4
8.7
8.18.5
8.8
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
Total Capital Tier 1 Capital
18.919.5
17.518.0
18.7
17.7
18.2
16.216.8
17.5
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
BASEL II CAR Tier 1 Capital• Basel II total CAR and Tier 1 capital ratios remained
robust at 18.7% and 17.5% respectively as of June-end ‘15
• RWA grew by 7% YoY reflecting the growing balance
sheet
• FGB’s medium term Tier 1 capital floor under Basel II
remains at 14%
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Regulatory Environment
OTHER REGULATION FGB
GENERALPROVISIONS
GP at 1.5% of CRWA • GP exceed 1.5% of CRWA as of Jun’15
CREDITBUREAU
Al Etihad Credit Bureau (AECB) is expected to beoperational in 2015
• FGB fully supports market-wide utilisation of AECB• No significant business impact at this stage
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
BASEL III GUIDELINES FGB
LIQUIDITYShort-term resilience of the liquidity risk profile- sufficient HQLA to survive a significant stressscenario lasting 30 calendar days (LCR)
• FGB Group LCR as of June-end 2015 stood at 66.8%,above the current year minimum requirement of 60%
FUNDING
Structural ratio aiming to ensure banks havesufficient long term funding to meet fundingof long term assets & a portion of contingentliability drawdowns during market wide stress(NSFR) i.e. Available Stable Funding to be >Required Stable Funding (w.e.f. 2018)
• Internally manages with 35% of term assets funded byterm liabilities of the respective tenor; major initiativesunderway for moving towards NSFR prior to the Baselimplementation date of 2018.
CAPITALUAE CB expected to release Basel III guidelinesin the course of 2015
• Basel II Total CAR and Tier 1 ratio of 18.7% and 17.5%respectively as of June-end 2015
• FGB’s ability to comply with Basel III requirements doesnot raise any concerns given its comfortable liquidityand capital positions
LEVERAGERATIO
Minimum Basel III Leverage Ratio of 3% • FGB highly comfortable as of Jun’15
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Asset / Liability Mix
Jun’15 Balance Sheet size of USD 59.7Bn
JUN’15 ASSET MIX JUN’15 FUNDING MIX
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
Liquid Assets12%
Loans &Advances
68%
Investments11%
Inv.Properties
4%
Other5%
Customerdeposits
64%
Due to Banks10%
Borrowings,EMTN, Sukuk
7%
Other4% Equity
15%
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37.4
39.438.5 38.9 38.2
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
LiquidityCUSTOMER DEPOSITS TREND (USD BN)
DEPOSITS BY SECTORLIQUIDITY RATIOS (%)
HIGHLIGHTS
+2%
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
93.2 91.8
98.9 99.9
106.1
80.779.1
83.5 85.587.5
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
L/D ratio Regulatory Advances-to-Deposits Ratio
Government& PublicSector
33%
NHL Deposit13%
Corporate39%
Retail13%
InternationalDivision
2%
• Customer deposits increased by 2% YoY and declined by 2% QoQ as of
June-end ‘15, mainly due to volatility in fixed deposits
• Deposits breakdown by sector remained quasi-intact with Government &
Public Sector deposits representing 33% of the total
• CASA deposits represent 19% of Jun’15 deposit base
• L/D ratio tightened to 106.1% in Q2’15 yet regulatory Advances to
Deposits ratio at 87.5% remained well below the regulatory ceiling.
• In light of the latest UAE CB liquidity circular, FGB is comfortably above the
Basel III glide path of 60% with a Group LCR of 66.8%.
Banks39%
FundManagers
23%
Insurance12%
PrivateBanks14%
CentralBanks/Govt
6%
HedgeFunds
5%
Other1%
-300
200
700
1,200
2016 2017 2018 2019 2020 2022 2023 2025
PP Public Swiss LoansPublic US$ Sukuk Public US$ Conv. Public A$Tokyo Pro-Bond Formosa Club Loan
USD Mn
Club
Loan
Recent Notable Public Trades
Wholesale Funding Maturity Profile (USD 4.4Bn)
Investor base by type and geography overprevious 24 months Issuances
Funding Diversification
Middle East32%
Europe32%
UK10%
Asia16%
Japan6%
Australia4%
In H1’15 FGB raised USD 1.1Bn of term funding against an annual target of USD1.5-2Bn.FGB successfully established a USD 3Bn ECP programme in June.
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
5yr A$250MnKangaroo
5yr ¥10BnPro-Bond
5yr US$750MnReg S
3yr CNH400MnFormosa
Mar’14
Jun’14
Feb’15
Jan’15 Apr’15
May’15
Sep’15
7yr CHF200MnSwiss
3yr US$1BnSyndicated loan
US$900Mnloan repayment
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34.9 36.1 38.0 38.9 40.5
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
Asset Mix and Lending ActivityLOAN BOOK TREND (USD BN)
LOAN BOOK BREAKDOWN BY SECTORASSET MIX
HIGHLIGHTS
+16%
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
Agriculture1% Construction
4%Energy
1%
Financial Services9% Government
0%Manufacturing
4%Personal-Others
3%Public Sector9% Real estate
8%
Retail Loans &Cards23%
Retail Mortgages2%
Retail NHLMortgages
12%
Securities/ShareFinancing
0%
Services17%
Trading5%
Transportation2%
JUN’14 JUN’15
Liquid Assets12%
Loans &Advances
68%
Investments11%
Inv. Properties4%
Other5%Liquid Assets
18%
Loans &Advances
65%
Investments9%
Inv. Properties4%
Other4%
• During H1’15, loans and advances grew by 16% YoY and 4% QoQ (+USD1.7Bn) driven by continued strength across both wholesale and consumersegments
• In light of the robust loan growth in H1’15, we revise our FY15 guidancefrom high single-digit growth to a range of 10-12%
• FGB’s loan portfolio is very well diversified across economic sectors with amix of 60% wholesale/ 40% consumer
• Liquid assets represent 12% of total assets as of June-end 2015, against18% in Q2’14. This reflects strong loan growth achieved over the period, aswell as FGB’s compliance with LCR requirements.
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Jun’15 Jun’14 YoY % Mar’15 QoQ %
NPLs 1,075 1,073 0% 998 8%
Provisions 1,254 1,182 6% 1,259 0%
Specific 556 574 -3% 539 3%
General 698 609 15% 719 -3%
Asset QualityNPL RATIO AND PROVISION COVERAGE (%)
NPLS AND PROVISIONS (USD MN)COST OF RISK (%) - YTD
HIGHLIGHTS
OperatingEnvironment FGB Profile Capital Liquidity & Funding Asset Mix &
Asset Quality Appendix
3.02.7
2.5 2.5 2.6
110.2
121.6
126.7 126.1
116.6
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
NPL ratio
Provision Coverage
1.251.15
0.95 0.97
0.80
H1'14 9M'14 FY'14 Q1'15 H1'15
• H1’15 asset quality metrics remained healthy with NPLratio at 2.6% and provision coverage at 116.6%
• At USD 0.7Bn, general provisions exceed 1.5% of total CRWA(all inclusive)
• Credit impairments declined by 26% YoY to USD 170Mnimplying an annualized cost of risk at a post-crisis low of80bps.
• As our outlook on credit quality remains favorable for theremainder of the year, we review our FY15 cost of riskguidance to 80-90bps down from 100bps
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Appendix
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Appendix Content• Q2/H1’15 Summary Financials
• Revenue Mix & Cost Efficiency
• Business Segment Contributions
• Dividend History
• FGB Overview
• History & Key Milestones
• Key Achievements
• Board of Directors
• Corporate Governance
• ERM Framework
• Abu Dhabi Plan 2030
• UAE Real Estate Overview
• FGB 2015 Awards
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Q2/H1’15 Summary Financials
Note: Rounding differences may appear in the above table
Income Statement (USD Mn) H1'15 H1'14 YoY Q2'15 Q1'15 QoQ Q2'14 YoYNet Interest and Islamic Financing Income 870 884 -2% 438 432 1% 448 -2%Other Operating Income 391 352 11% 191 200 -4% 175 10%Operating Income 1,262 1,236 2% 629 632 0% 623 1%G & A expenses (304) (274) 11% (161) (143) 13% (145) 11%Provisions/ Impairments (172) (225) -24% (70) (101) -31% (107) -34%Taxes (3) (3) -9% (1) (1) -20% (2) -43%Minority Interest (2) (3) -33% (1) (1) 150% (2) -29%Net Income 781 730 7% 395 386 2% 368 8%Earnings Per Share (USD) 0.17 0.16 9% 0.09 0.08 3% 0.08 10%
Balance Sheet (USD Bn) Jun'15 Jun'14 YoY Mar'15 QoQNet Loans & Advances 40.5 34.9 16% 38.9 4%Customer Deposits 38.2 37.4 2% 38.9 -2%Total Assets 59.7 54.0 11% 58.3 2%Shareholders’ Equity 9.0 8.4 6% 8.6 4%
Key Ratios (%) Jun'15 Jun'14 YoY (bps)Net Interest Margin 3.4 3.7 (29)Cost-to-Income 24.1 22.2 190Non-Performing Loan (NPL) 2.6 3.0 (40)Provision Coverage 116.6 110.2 640Loan-to-Deposit 106.1 93.2 1,290Return on Average Equity 17.1 17.2 (10)Return on Average Assets 2.7 2.7 -Capital Adequacy 18.7 18.9 (20)
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1,236 1,262
-14 -10 +22 +3 +25
H1'14 Net Interestand Islamic Fin.
Income
InvestmentIncome
Fees andcommissions
Other income FX&Derivatives H1'15
Key Revenue Movements and NIMsKEY MOVEMENTS IN OPERATING INCOME (USD MN)HIGHLIGHTS
NET INTEREST MARGIN (%) - YTD REVENUE BREAKDOWN (USD MN)
+2%
72% 69% 69% 68% 70%
72% 69%28% 31% 31% 32% 30%
28% 31%
Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 H1'14 H1'15
Other Income (inc. share of profit from assoc.)
Net Interest and Islamic Financing Income
646623 634 632
1,236
630
1,262
• H1’15 revenues grew by 2% YoY (+USD 26Mn) as a result of :o -USD 14Mn reduction in net interest and Islamic income due
to asset yield compression insufficiently offset by highervolumes. H1’15 NIM was down 29bps YoY, yet still within ouranticipated 25-35bps contraction range for FY15
o -USD 10Mn decline in investment income due to volatilemarket conditions
o +USD 22Mn addition in core fees and commissions thanks tohigher corporate & syndication fees , wealth managementand other retail lending fees
o +USD 3Mn rise in Other Income including USD 5Mn gain onsale of property (USD 14Mn in Q2’15)
o +USD 7Mn increase in FX & Derivatives income
• In light of a slower than anticipated revenue growth as of June-end2015, we review our FY15 revenue growth guidance from lowdouble-digit to mid single-digit
3.683.61 3.58
3.44 3.39
Jun'14 Sep'14 Dec'14 Mar'15 Jun'15
26/48
Non-Interest Revenues and Cost EfficiencyQ1’15 NON-INTEREST REVENUES
COST EFFICIENCY
HIGHLIGHTS
H1’15 NON-INTEREST REVENUE BREAKDOWN*Including share of profit from associates
In USD Mn H1’15 H1’14 YoY %
Commission Income 67 75 -11%
Fee Income 117 94 24%
Credit card fees 83 75 10%
Investment income 24 33 -30%
FX & Derivatives 48 24 105%
Property and otherincome* 53 50 6%
Total 392 352 11%
+11%
CommissionIncome
17%
Fee Income30%
Credit cardfees21%
Investmentincome
6%
FX &Derivatives
12%
Propertyand other
Income14%
• Non-interest revenues expanded by 11% YoY increasing theircontribution in total operating income to 31% (vs. 28% last year)
• Fee income and credit card fees grew by 24% and 10% YoYrespectively, offsetting the 11% decline in commissions mainlyattributable to declining LCs
• Core fees and commissions represent 68% of non interestrevenues (21% total operating income) as of June-end’15
• Higher business volumes and continued investments in systemsand technology drove the 11% rise in operating expenses duringthe period. Due to slower revenue growth, H1’15 C/I ratio landedat 24.1% yet still remaining within our target range for thecurrent year.
274 304
22.2%24.1%
H1'14 H1'15
Operating expenses (USD Mn) C/I ratio (YTD)
27/48
Business Segment ContributionsASSETS BREAKDOWN
• Continued focus on enhancing core capabilities and onmaximizing synergies between the three corebusinesses: Wholesale & International Banking Group(WBG), Consumer Banking Group (CBG), and Treasury &Global Markets Group (T&GM)
• These three pillars represent 90% of Group total assetsas of Jun’15
• CBG generated 38% of H1’15 Group revenues, followedby WBG (36%) and T&GM (14%).
SEGMENTAL REVENUE BREAKDOWN AND CONTRIBUTIONS TO GROUP REVENUE* (USD MN)
HIGHLIGHTS
*“Effective 1st January, 2015, the Bank has changed its Funds Transfer Pricing Methodology (“FTP”). As a result of the change inthe FTP, comparative figures relating to net interest income and income from Islamic financing as well as profit attributable toequity holders of the Bank for 2014 have been adjusted for consistency purposes.”
WBG Total44%
CBG24%
T&GM22%
Real Estateactivities
4%
Otheroperations*
6%
*Other Operations include subsidiaries and associates (other than real estate),and the Head Office
WBG36%
CBG38%
T&GM14%
Otheroperations
8%
RealEstate
4%
455
1,262
485
173105 44
WBG CBG T&GM Otheroperations
Real Estate FGB Group
28/48
89% 92%
11% 8%
H1'14 H1'15
UAE Operations International Operations
351311
87% 88%
13% 12%
H1'14 H1'15
UAE Operations International Operations
455478
Wholesale Banking Group - WBGOPERATING INCOME (USD MN)
WHOLESALE GROSS LOAN PORTFOLIO (JUN’15)TOTAL ASSETS (USD BN)
HIGHLIGHTS NET PROFITS (USD MN)
-5% +13%
+18%
Government& PublicSector
9%
Abu DhabiPrivateSector
36%
Dubai PrivateSector
19%
Other UAEPrivateSector
4%
Non UAE-based
Corporates32%
• Healthy commercial momentumsupported 18% YoY assets growth forWBG
• Revenues were down 5% YoY mainly dueto contracting NIMs
• Successful product mix diversificationsupported solid fee income growthduring the period
• Net profit grew by 13% to USD 351Mn(USD +40Mn) thanks to expense controland lower provisions
22.2
26.3
Jun'14 Jun'15
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13.014.5
Jun'14 Jun'15
Personal Loans37%
Abu DhabiGovernment
NationalHousing Loans
35%
Credit Cards8%
Other MortgageLoans
4%Loans to SMEs
5%Wealth
Management10%
Others*0%
236 237
H1'14 H1'15
448485
H1'14 H1'15
Consumer Banking Group - CBGOPERATING INCOME (USD MN)
CONSUMER GROSS LOAN PORTFOLIO (JUN’15)TOTAL ASSETS (USD BN)
HIGHLIGHTS NET PROFITS (USD MN)
*Auto loans and overdrafts
+11%
+8% +1%
• Continued focus on product innovationand enhanced customer experience
• CBG revenues grew 8% YoY toUSD 485Mn while Net Profit shows a 1%YoY increase
• Wealth Management , SME loans andcredit cards remain key growth driversrepresenting 23% of the gross loanportfolio in H1’15 up from 19% in H1’14
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Bonds92%
Funds1%
Equities1%
PrivateEquity
6%
UAE46%
Asia23%
MENA17%
Europe10%
NorthAmerica
3%
Africa1%
SouthAmerica
0%
Australia0%
164 154
H1'14 H1'15
178 173
H1'14 H1'15
13.3 13.1
Jun'14 Jun'15
Treasury & Global Markets – T&GMOPERATING INCOME (USD MN)
TOTAL ASSETS (USD BN)
HIGHLIGHTS NET PROFITS (USD MN)
-2%
-3% -6%
INVESTMENTS1 BY TYPE INVESTMENTS1 BY REGION
1Excluding Treasury Bills and bonds related to LCR portfolio
• Due to market volatility, T&GM revenues andnet profits declined by 3% and 6% respectivelyin H1’15
• 92% of FGB’s investment portfolio is ininvestment grade fixed income of which 58%is allocated to the GCC
• The average duration of the AFS portfolio is2.88 years which represents 75% of theportfolio size
• 54% of Fixed Income is rated A- & above, 36%is rated between BBB+ & BBB-, the remaining10% is either non rated or sub–investmentgrade
• The WARF of the portfolio is BBB
31/48
216305
344357
H1'14 H1'15
Dubai First Aseel
238 316
395403
H1'14 H1'15
Dubai First Aseel
1830
12
6
H1'14 H1'15
Dubai First Aseel
46 56
1926
H1'14 H1'15
Dubai First Aseel
6582
Consumer Finance SubsidiariesDubai First and Aseel Islamic Finance
OPERATING INCOME (USD MN)• Dubai First and Aseel are FGB’s consumer
finance subsidiaries specialised in creditcards and SME islamic financingrespectively
• The 2 companies generated combinedrevenues of USD 82Mn in H1’15, up 27%YoY, contributing 7% to Group revenue
• Aggregate net profit improved by 20%YoY to USD 36Mn, that is 5% of Group netprofit
• Aggregate loan book grew by 18% YoY
TOTAL LOANS (USD MN)TOTAL ASSETS (USD MN)
HIGHLIGHTS NET PROFITS (USD MN)
+14%
+27%+20%
3630
633719
560662
+18%
32/48
38 38
H1'14 H1'15
44 44
H1'14 H1'15
2.82.5
Jun'14 Jun'15
Real Estate SubsidiariesOPERATING INCOME (USD MN)
• Real estate revenues remained quasi-stable at USD 44Mn
• During Q2’15, the bank proceeded withthe sale of Opal Tower located in BusinessBay (Dubai) generating a gain of USD14Mn
• H1’15 rental yield stood at 6.0%
INVESTMENT PROPERTIES PORTFOLIO1 (JUN’15)TOTAL ASSETS (USD BN)
HIGHLIGHTS NET PROFITS (USD MN)
1USD 2.3Bn as of June-end 2015
-9%
-1% -1%
Land in AbuDhabi29%
Dev.Properties in
Abu Dhabi45%
Land inDubai
2%Dev.
Properties inDubai
2%
PropertiesGenerating
RentalIncome
22%
33/48
Dividend History
2014 2013 2012 2011 20101
NET PROFIT (USD MN) 1,540 1,300 1,131 1,009 931
CASH DIVIDEND (USD MN) 1,062 817 681 408 245
CASH DIVIDEND (% OF CAPITAL) 100% 100% 83% 100% 60%
BONUS SHARES (% OF CAPITAL) 15.38% 30% - 100% -
DIVIDEND PAYOUT RATIO(% OF NET PROFIT) 69% 63% 60% 40% 26%
BASEL II CAPITAL ADEQUACYAFTER DIVIDEND DISTRIBUTION2 17.5% 17.4% 18.7% 18.0% 19.5%
1 Shares bought back in 2010: 5% of capital2CAR adjusted from Tier 2 MoF Loan
34/48
FGB Overview
GLOBAL FOOTPRINTRATINGS
1 Subsidiary4 Rep Offices
21 branches in the UAEand 2 branches overseas
Doha
Singapore
Mumbai
Hong KongFGB-Libya
Tripoli
UAE
LONG TERM RATING OUTLOOK
A2(Since 2007) Stable
A+(Since 2007)
Stable
A+ Stable
Incorporated in 1979 and headquartered in Abu Dhabi
Wide range of financial products and services offeredthrough a network of 21 branches in the UAE. In addition,FGB is present through branches in Doha and Singapore,and rep offices in Mumbai, Hong Kong, Seoul and London.The Bank also has a JV in Libya.
1,484 employees
Listed in 2002; Largest UAE bank by market cap of USD18.9Bn as of July 26th, 2015
A LEADING UAE FRANCHISE OWNERSHIP STRUCTURE* (AS OF JUN’15)
Seoul
London
* FGB’s Foreign Ownership Limit (FOL) is at 25%
UAEcompanies
andindividuals
86.6%
ForeignInvestors
11.3%
GCC (ex-UAE)2.1%
35/48
1996-1999
History & Key Milestones
1979 FGB is incorporated in Ajman with an initial focus on Corporate Banking
Abu Dhabi ruling family acquires 45% stake and designates new management team
2001 New vision, brand identity and introduction of new business segments: Retail and Treasury & Investments
2002 Listing on Abu Dhabi Exchange
2005 Net profit crosses the USD 272 Mn mark
2006 Introduction of Islamic banking servicesRated A by Fitch (followed by A+ in 2007) and A2 by Moody’s
2007 First overseas office in Singapore
2011 Net profit crossed the USD 1Bn mark
2013 Acquisition of Aseel and Dubai FirstFGB becomes the #1 UAE Bank in termsof net profit with USD 1.3Bn
2009 New offices in Qatar and India
2012 New office in Hong Kong
New rep offices in London and SeoulMaintained position of #1 UAE Bank by
Net Profit at USD 1.54Bn2014
2015 In H1’15, Dubai First and Aseel Financecontributed 7% to Group revenue
36/48
Key Achievements
TOTAL ASSETS (USD BN) LOANS & ADVANCES (USD BN) CUSTOMER DEPOSITS (USD BN)
SHAREHOLDERS’ EQUITY (USD BN) OPERATING INCOME (USD MN) NET PROFIT (USD MN)
42.948.2
53.157.8 59.7
2011 2012 2013 2014 H1'15
28.5 30.534.6
38.040.5
2011 2012 2013 2014 H1'15
28.232.5
37.6 38.5 38.2
2011 2012 2013 2014 H1'15
7.38.0
8.59.3 9.0
2011 2012 2013 2014 H1'15
1,7651,980
2,2932,565
1,262
2011 2012 2013 2014 H1'15
1,0091,131
1,300
1,540
781
2011 2012 2013 2014 H1'15
37/48
ABDULHAMIDMOHAMMED SAEED
BOARD MEMBER
FGB MANAGING DIRECTOR
Board Member of:Emirates Investment Authority
Mubadala DevelopmentCompany
H.H. SHEIKH TAHNOON BIN ZAYED AL NAHYAN – CHAIRMAN
CHAIRMAN OF AMIRI FLIGHT
CHAIRMAN OF ROYAL GROUP
38/48
Corporate Governance
Board of Directors
ManagementCommittees
Wholesale Banking CreditCommittee
Compliance & Ops RiskCommittee
First Gulf CreditCommittee
HR Steering Committee
Asset Liability Committee
Real Estate Committee
Investment Committee
IT Steering Committee
BoardCommittees
Executive Committee Risk & Compliance Management Committee
Remuneration & Nomination Committee Audit Committee
Enterprise RiskManagement
GroupHead of Enterprise Risk Management
Group CRO
Credit Risk Market Risk ALM Risk OperationalRisk
ComplianceRisk Basel II / IIIERM
Strong & Independent Governance framework covering all material risks across the Group
Executive Management Committee
39/48
Key metrics for 76
banks (rated AA-
and above) across
36 countries
Metrics used by
rating agencies
for annual rating
reviews
FGB’s GCC peer
benchmarks
CBUAE regulatory
requirements
Metrics across Key Risk Categories
monitored on a monthly basis COMPREHENSIVE 3 TIERED STRUCTURE
Metrics @
FGB Group
Metrics @ BusinessGroup and Group Entity
level
Metrics for specific portfolios
within all businesses
Tier 1(Implemented)
Tier 2(Implemented)
Tier 2.5(To be launched)
Implemented comprehensive Risk Appetite Framework covering all businesses within FGBGroup facilitating business into acceptable Risk / Reward framework
ERM ComponentsRisk Appetite Framework
40/48
Impact
Current
Compliance
Lifecycle
FGBs Culture & Values
Support FGBs Growth Strategy
International Capabilities
Proactive Capabilities
Product Specialists
Compliance CultureChange
Scan
Target
Compliance
Lifecycle
CURRENT STATE LIFECYCLE TARGET STATE LIFECYCLESTRATEGIC ALIGNMENT
RegulatoryCompliance AML & Sanctions
ExtraterritorialRegulations
Current Compliance Framework
OtherRegulatory
Aspects
Current Compliance framework isin line with regional practices ®ulatory requirements.
Enhancements being undertakento align with global business andregulatory environment
Financial Crimes RegulatoryCompliance
Global Markets &Int’l Regulations
New Compliance Framework
ConductCompliance
ERM ComponentsCompliance Framework
Carried out benchmarking of Group Compliance Framework - Enhancement Underway
41/48
Strategic Alignment with Business
HRSC
EMCO
WBCC
CBCC
ALCOIMCO
ORC
TSC
REC
CC
Mgmt
Committees
STRONGGOVERNANCE
Board of DirectorsBoD
CommitteesEC RCMC ACREMCO
Risk scorecards
Holistic Risk
Appetite
Compliance
guidance
Enhanced ALM
management
Advanced measures
for risk reward
analysis
Product
review
Comprehensive ERM
Policy framework
Strong IT /
IS controls
ERMPARTNERSHIP
KEY
CHALLENGES
Margin pressures
Large exposurerestrictions
Strong SMEcompetition
Compliance Issues
Real estatevolatility
New portfoliorisksLiquidity
regulations
Geopoliticalrisks
Emerging Marketconcerns
Trading controls Business modelalignment
Subsidiaries
WBG CBG
TGM
CUSTOMER
Robust limit
structure
42/48
Plan Abu Dhabi 2030
Strata
ClevelandClinic
ParisSorbonne
ZayedUniversity
New YorkUniversity
Masdar City
Masdar City
Ferrari World Abu Dhabi
EmiratesPalace
EtihadTowers
Yas MarinaCircuit
ENERGY Masdar City - the world’s first carbon neutral, zero-waste to landfill, car-free city
powered entirely by alternative energy sources. Masdar Institute – an institute developed with Massachusetts Institute of Technology
(MIT) with the aim to develop the emirate’s human capital and develop research inalternative energies.
TOURISM
Hotels Etihad Towers Emirates Palace St. Regis Abu Dhabi Rocco Forte Hotel Qasr Al Sarab Desert Resort Ritz-Carlton Abu Dhabi Eastern Mangroves Hotel
Entertainment
Yas Marina Circuit Ferrari World Abu Dhabi Yas Waterworld Abu Dhabi Al Ain Wildlife Park Shopping malls
EDUCATION Universities: Paris Sorbonne Abu Dhabi, New York University, and Zayed University
AVIATION, AEROSPACE & DEFENCE Strata is a composite aero structures manufacturing facility, wholly-owned by
Mubadala, which has formed partnerships with a number of leading aerospacecompanies to establish manufacturing programs at a new plant in Al Ain.
HEALTHCARE, EQUIPMENT & SERVICES Cleveland Clinic Abu Dhabi will offer a 364-bed hospital organized into five institutes,
digestive disease, eye, heart & vascular, neurological, respiratory and critical care.
Source: Abu Dhabi Council for Economic Development (June 2012)
43/41
GDP Per Capita(2)Oil Production(1)LT Ratings(Moody’s, S&P, Fitch)
Abu Dhabi in the GCC context
Kuwait
Qatar
Saudi Arabia
Abu Dhabi
Bahrain
Oman
Aa2, AA, AA
Aa2, AA, NR
Aa3, AA-, AA
Aa2 , AA, AA
Baa2 (-), BBB, BBB
A1, A, NR
3.1mn bpd
2.0mn bpd
11.5mn bpd
0.4mn bpd
0.9mn bpd
USD 32,719
USD 81,603
USD 20,677
USD 25,633
USD 14,887
USD 74,927
1 Source: BP Statistical Review of World Energy (June 2015), except Abu Dhabi (Opec statistical year book 2015)2 2015 forecasts - Source: April 2015 IMF data for all, except Abu Dhabi (Moody’s, Jan’15 report)Note: Unless otherwise indicated, all outlooks are stable; (-) Negative outlook
2.8mn bpd
43/48
44/48
Real Estate Trends – Abu Dhabi
Prime residential sales and residential rents in Abu Dhabi were quasi-stable in Q2’15
During Q2 the Hotel, Office and Retail market remained stable
Large projects to be delivered over the next 3 years include: Airport expansion, Etihad Rail and Saadiyat Island museums
-
2,000
4,000
6,000
Q3-08 Q1-09 Q3-09 Q1-10 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 Q1-15
650
700
750
800
850
900
Q4-08 Q2-09 Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14 Q2-15
82% 79%
55%68% 63%
71% 76% 77%
0%
20%
40%
60%
80%
100%
2008 2009 2010 2011 2012 2013 2014 Q2'15-
500
1,000
1,500
Q4-08Q2-09Q4-09Q2-10Q4-10Q2-11Q4-11Q2-12Q4-12Q2-13Q4-13Q2-14Q4-14Q2-15
MARKET OVERVIEW
ANNUAL RETAIL RENT PRICES (USD/SQM)RESIDENTIAL SALE PRICES (USD/SQM)
OFFICE (GRADE A) RENT PRICES (USD/SQM)HOTEL OCCUPANCY RATES (%)
Source: JLL Abu Dhabi Real Estate Market Overview Q1 2015, REIDIN Indices
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Real Estate Trends – Dubai
-
500
1,000
1,500
2,000
2,500
Q4-08 Q2-09 Q4-09 Q2-10 Q4-10 Q2-11 Q4-11 Q2-12 Q4-12 Q2-13 Q4-13 Q2-14 Q4-14
79% 72% 80% 82%
86% 88% 79% 84%
0%
20%
40%
60%
80%
100%
2008 2009 2010 2011 2012 2013 2014 Q2'150
50
100
150
Q4-08Q2-09Q4-09Q2-10Q4-10 Q2-11Q4-11Q2-12Q4-12Q2-13Q4-13Q2-14Q4-14Q2-15
MARKET OVERVIEW
Residential prices and rentals faced downward pressure and declined in Q2’15; residential segment slowdown expected to continuethroughout 2015 due to large supply
Strong economic growth in Dubai is expected to drive higher demand for affordable housing for the middle-income segment In the hotel segment, occupancy rates remain healthy and above the MENA average while are expected to further decline during the
year in response to the additional future supply
RETAIL RENT INDEX - PRIME MALLS (USD/SQM)RESIDENTIAL SALE PRICE INDEX (USD/SQFT)
OFFICE RENT PRICE INDEX (USD/SQFT)HOTEL OCCUPANCY RATES (%)
Source: JLL Dubai Real Estate Market Overview Q1 2015, REIDIN Indices
050
100150200250300350
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
46/48
Real Estate Trends – Rental Clock
ABU DHABI PRIME RENTAL CLOCK
DUBAI PRIME RENTAL CLOCK
Source: JLL Abu Dhabi and Dubai Real Estate Market Overview Q2 2015* Hotel clock reflects the movement of RevPAR
47/48
Seven Banker Middle East UAE Product Awards: ‘Best Call Centre’, ‘Best Credit Card’, ‘Best PersonalLoan’, ‘Best Wealth Management Service/Proposition,’ ‘Best Offshore Wealth Proposition’, ‘BestDeposit Account Product’ and ‘Best Bancassurance Product’
“Most Innovative Service Provider” - 2015 MENA IR Insurance Awards
The Banker 2015 Islamic Banker of the Year Awards - “Shariah-Compliant Window”
2015 Trade Finance Awards for Excellence: “Best Islamic Trade Finance Bank EMEA”
Asian Banker 2015 Middle East and Africa Country Awards: “Best Wealth Management in the Middle
East Award” and “Best Mortgage and Home Loan Product in the Middle East Award”
2015 Global Capital Bond Market Awards: “Most Impressive Middle East Borrower Award”
2015 Smart Card and Payments Middle East Awards: “Best Commercial Card Across Middle East”
FGB 2015 Awards
48/48
Thank you!
For more Information:
Contact FGB Investor Relations Department: [email protected]
Visit our corporate website www.fgb.ae
Follow FGB on social media:
Or download FGB’s Investor Relations app: https://www.myirapp.com/fgb/