FGB to double paid-up capital

Capital will rise to Dh3 billion after bonus issue

First Gulf Bank, the second-largest bank by market capitalisation in Abu Dhabi, approved plans to double its paid-up capital through a bonus share issue, the bank said in a statement on Thursday.

FGB's capital will rise to Dh3 billion ($816.8 million) from Dh1.5 billion after the bonus issue, the bank said in a bourse filing.

A cash dividend of Dh1 per share was also approved by the bank's annual general meeting, it added.

The bank, 67 per cent owned by Abu Dhabi, posted an 18 per cent rise in fourth-quarter profits at the end of January, driven by higher interest income and Islamic financing.

It raised $500 million through a five-year Islamic bond, or sukuk, sale in January - its second sharia-compliant debt offering.

FGB's shares have risen 30.4 per cent year-to-date at the end of trading on Wednesday, closing at their highest level since September 2008.

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