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UAE Bank FGB Q4 Net Profit Rises 13%, Beats Analyst Forecasts

UAE Bank FGB Q4 Net Profit Rises 13%, Beats Analyst Forecasts

The bank made a net profit of Dhs1.55 billion ($422 million) for the last quarter of 2014.

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

FGB made a net profit of Dhs1.55 billion ($422 million) for the three months ending Dec. 31, compared to 1.37 billion 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 Dhs1.37 billion.

Profit for the full year was Dhs5.66 billion, up 18 per cent.

The bank’s board was proposing a cash dividend of Dhs1 per share and 15.38 per cent bonus shares for 2014. This compares with a cash dividend of Dhs0.77 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.

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