UAE's First Gulf Bank plans to double paid-up capital

Abu Dhabi-backed bank posted 18 percent rise in Q4 2011 profits
UAE's First Gulf Bank plans to double paid-up capital
A cash dividend of AED1 per share was also approved by the banks annual general meeting
By Reuters
Thu 01 Mar 2012 05:38 PM

First Gulf Bank, the second-largest bank by market
capitalisation in Abu Dhabi, approved plans to double its paid-up capital
through a bonus share issue, the bank said in a statement on Thursday.

FGB's capital will rise to AED3bn (US$816.8
million) from AED1.5bn after the bonus issue, the bank said in a
bourse filing.

A cash dividend of AED1 per share was also
approved by the bank's annual general meeting, it added.

The bank, 67 percent owned by Abu Dhabi's ruling
family, posted an 18 percent rise in fourth-quarter profits at the end of
January, driven by higher interest income and Islamic financing.

It raised US$500m through a five-year Islamic
bond, or sukuk, sale in January - its second sharia-compliant debt offering.

FGB's shares have risen 30.4 percent year-to-date at
the end of trading on Wednesday, closing at their highest level since September
2008.

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