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FGB rises on 2012 net profit increase
- United Arab Emirates: Wednesday, January 30 - 2013 at 14:12
The ADX General Index added 0.55% Wednesday to reach 2,854.61 points, mostly fuelled by financials and market bellwether Etisalat, which ended up 0.73% at Dhs9.62. First Gulf Bank or FGB added Dhs0.05 to close at Dhs12.55 as the most liquid share. Earlier in the day, FGB, the UAE's second lender by market capitalisation, said the net profit in 2012 rose by 12% year-on-year, amounting to Dhs4.154bn. FGB recommends Dhs2.5bn as a total cash dividend, a 67% increase over 2011. It is noteworthy that the lender by the end of Q3 2012 reduced the non performing loans to total loans ratio to 3.3% from 3.5% in 2011.
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Gérard Al-Fil, Financial JournalistWednesday, January 30 - 2013 at 14:12 UAE local time (GMT+4)
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