UAE's First Gulf Bank says Q4 net profit up 11%

First Gulf Bank (FGB), the United Arab Emirates' (UAE) third-largest lender by assets, reported an 11 percent rise in fourth-quarter net profit to AED 1.72 billion from AED 1.55 billion in the same period last year.

Net profit for the full-year 2015 gained 6 percent to AED 6 billion, compared with the previous year, the lender said in a statement Sunday.

Loans and advances totaled AED 149.8 billion at the end of 2015, up seven percent on the year, while deposits were flat over the same time period at AED 142.5 billion.

Net interest and Islamic financing income rose 2 percent to AED 1.66 billion and “other operating income” rose to AED 681 million.

The bank said it grew the contribution of non-interest income sources to 32 percent of total revenues, up from 28 percent in 2014.

FGB’s operating income increased 5 percent to AED 9.43 billion in the period.  Earnings per share rose 8 percent to AED 1.32.

FGB, which is 65 percent-owned by Abu Dhabi’s ruling family, proposed a cash dividend of AED 1 per share for 2015, or 75 percent of the year’s profit.