UAE's First Gulf Bank reports 13% jump in Q4 net profit

Third largest lender in the UAE beats analysts estimates by making $422m profit in three months to Dec 31
UAE's First Gulf Bank reports 13% jump in Q4 net profit
By Reuters
Wed 28 Jan 2015 05:30 PM

First Gulf Bank (FGB), the third-largest lender by assets in the United Arab Emirates, beat analyst estimates after posting a 13 percent increase in fourth-quarter net profit on Wednesday.

FGB made a net profit of 1.55 billion dirhams ($422 million) for the three months ending Dec. 31, compared to 1.37 billion dirhams in the same period a year ago, it said in a statement.

Four analysts polled by Reuters earlier this month forecast an average net profit of 1.37 billion dirhams.

Profit for the full year was 5.66 billion dirhams, up 18 percent.

The bank's board was proposing a cash dividend of 1 dirham per share and 15.38 percent bonus shares for 2014. This compares with a cash dividend of 0.77 dirhams paid out for the year before, according to Thomson Reuters data.

The bank also said it will fully repay by the end of January a $900 million loan originally due in December 2015.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.