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.

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