First Gulf Bank, Abu Dhabi's most profitable lender, said it expects to continue reporting double-digit growth amid a growth spurt in the UAE economy, which grew more than 4 per cent last year.
“Low double-digit growth is sustainable, assets loans deposits and profit. I think we are well positioned to achieve low double digit growth,” said Karim Karoui, the bank’s chief financial officer.
At a shareholder meeting on Wednesday, the bank approved a plan to distribute a dividend of Dh1 a share, after its profit gained 15 per cent in 2013. The dividend payment will equal a total of Dh3 billion.
The bank will also distribute 30 per cent in bonus shares.
The lender reported a record net income of Dh4.77 billion in 2013 from Dh4.15 bn in 2012. Its dividend payout this year is up 20 per cent from last year’s 83 fils per share dividend, the bank said.
mkassem@thenational.ae
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