First Gulf Bank increases its capital

The general assembly of the First Gulf Bank approved an increase in the bank's capital from 120 million dirhams to 360 dirhams, and that net profits in 1997 rose by about 80% from 13.90 million dirhams to 25.12 million dirhams.

The head of the bank's board of directors, Tahnon Bin Zayed, said that the increase in the bank's capital will support the bank's operations to present better services to its clients and correspondents, and help expand its banking operations around the United Arab Emirates.