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First Gulf Bank Q4 Net Profit Up 19%

First Gulf Bank Q4 Net Profit Up 19%

The lender made a net profit of Dhs1.37 billion in Q4 2013, compared with Dhs1.15 billion in the prior-year period.

Abu Dhabi’s First Gulf Bank on Wednesday said its fourth-quarter net profit rose 19 per cent aided by strong investment returns and gains arising from a real estate recovery.

The lender, majority-owned by Abu Dhabi’s ruling family, made a net profit of Dhs1.37 billion ($373 million) for the three months ended December 31, compared with Dhs1.15 billion in the prior-year period, it said in a statement.

FGB’s board recommended a cash dividend of one dirham per share and 30 per cent in bonus shares for 2013. The cash component of the dividend is higher than the Dhs0.83 a share it paid in 2012.

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