REVEALED: The UAE's best performing banks

Arabian Business unveils the 15 best performing lenders over the last year in terms of share price
REVEALED: The UAE's best performing banks
By Staff writer
Tue 24 Apr 2012 08:44 AM

First Gulf Bank is the UAE's best performing lender, demonstrating a 24.55 percent share price increase over the last 12 months, Arabian Business research has found.

Click here to see our countdown of the UAE's best performing banks.

The rise in the Abu Dhabi-based bank's share price during the last year is the highest for any of the publicly-listed lenders in the Gulf country.

The bank, the UAE's second largest by market capitalisation, yesterday reported a 7 percent increase in first quarter net income to AED935m ($254.7m).

First Gulf Bank's share price performed significantly better then the lender that ranked second in the list, Abu Dhabi Commercial Bank, which has witnessed a 12.59 percent rise during the previous 12 months.

Out of the 15 banks included in the countdown, the majority are based outside of Dubai - the city that is often viewed as the Gulf's financial hub.

Lenders whose main headquarters are in Abu Dhabi featured heavily, although there was a notable number of entries from smaller emirates such as Ajman, Ras Al Khaimah and Umm Al Quwain.

The list also featured three prominent Islamic banks in the country, as well as a mix of commercial and retail banks.

Click here to see our countdown of the UAE's best performing banks.

* Performance calculated via each lenders' share price change over the 12 months immediately prior to April 23 2012. All share prices taken from Bloomberg.

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