Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE- FGB rises to 4-year high on hopes of dividend rise  Join our daily free Newsletter

MENAFN - Khaleej Times - 26/01/2013

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Khaleej Times) First Gulf Bank PJSC advanced to the highest level in more than four years on bets the Abu Dhabi-based lender will boost its full-year dividend above its peers when it reports results next week.

Shares of the bank, which is controlled by Abu Dhabi's ruling family, rose 2.1 per cent to Dh12.10, the strongest level since August 2008, at the close in Abu Dhabi.

The stock led a gain of 1.1 per cent for the benchmark ADX General Index, the biggest advance since January 2. The index rose 1.05 per cent to 2,783 points.

The Dubai Financial Market's general index also moved up by 0.85 per cent to 1,792.30 points

First Gulf Bank, which was the second-best performing bank on the gauge last year, has increased three per cent this week.

First Gulf Bank will offer a seven per cent dividend yield, JPMorgan Chase & Co estimated in October, raising its price estimate for the bank to Dh13.5.

That compares with 4.5 per cent for the ADX Banks Index. Net income for 2012 probably climbed seven per cent to Dh3.97 billion (1.08 billion), the average estimate of 12 analysts compiled by Bloomberg shows.

"Investors are anticipating handsome dividends for 2012" amid higher profitability, said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities.

First Gulf Bank will probably post the fastest loan growth in the United Arab Emirates in 2013, helping boost profit, EFG-Hermes Holding SAE said last month, maintaining its buy rating on the stock.

Sixteen analysts recommend investors buy the shares of First Gulf Bank, and one has a sell rating on the stock, according data compiled by Bloomberg.

The bank will probably post results on January 28, according to data compiled by the agency.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help