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AME ADX market

FGB jumps as lender joins bank earnings rally

: Thursday, January 30 - 2014 @ 12:20

The Abu Dhabi market index ADXGI surged by 0.90 per cent, closing at 4,702.67 points on Thursday, January 30. First Gulf Bank (FGB), the UAE’s third lender by market value, posted the biggest advance, edging up by 5.67 per cent to reach AED20.50. In 2013, FGB recorded a 15 per cent increase in net profits, amounting to AED4.77 billion ($1.30bn). The lender’s board recommended the distribution of 100 per cent cash dividends and 30 per cent bonus shares for 2013. The return on equity increased to 15.8 per cent, up from 14.8 per cent in 2012. The shares of Abu Dhabi real estate leader Aldar Properties dipped 1.48 per cent to AED3.33.

Gérard Al-Fil

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Thursday, January 30- 2014 @ 12:20 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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