ADCB Q4 net profit jumps 29%, dividend hiked

Abu Dhabi Commercial Bank recorded a 28.9 per cent jump in fourth-quarter net profit on Sunday. (Supplied)

Abu Dhabi Commercial Bank  recorded a 28.9 per cent 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 UAE made a net profit of Dh1.02 billion ($277.7 million) in the three months ending December 31 versus Dh793.1 million 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 Dh920.7 million.

ADCB made a 2014 net profit of Dh4.05 billion, up 20 per cent on 2013, it said in a statement.

The bank also proposed paying a cash dividend of Dh0.4 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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