Abu Dhabi Commercial Bank Q4 net profit jumps 29 pct, hikes dividend

DUBAI - Abu Dhabi Commercial Bank recorded a 28.9 percent jump in fourth-quarter net profit on Sunday, according to Reuters calculations, beating analyst forecasts as it also proposed a higher dividend for 2014.

The fourth-largest lender by assets in the United Arab Emirates made a net profit of 1.02 billion dirhams ($277.7 million) in the three months ending Dec. 31 versus 793.1 million dirhams in the corresponding period of 2013.

ADCB did not provide a breakdown of its fourth quarter earnings, so Reuters used the bank's full-year results statement to calculate its quarterly profit.

Three analysts polled by Reuters on average forecast ADCB would make a quarterly profit of 920.7 million dirhams.

ADCB made a 2014 net profit of 4.05 billion dirhams, up 20 percent on 2013, it said in a statement.

The bank also proposed paying a cash dividend of 0.4 dirhams per share for 2014. This is higher than the 0.3 dirhams it paid for 2013, according to Thomson Reuters data.

More about

Abu Dhabi
Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.