Abu Dhabi – Mubasher: The Board of Directors of First Gulf Bank (FGB), listed on the Abu Dhabi Securities Exchange (ADX), proposed a dividend distribution of 100% of the Bank’s capital at AED 1 per share for the fiscal year ending December 31, 2014.

FGB also recommended a distribution of a stock dividend of 15.38% for the year then ended.

Total cash dividends will accordingly amount to AED 3.9 billion compared to AED 3 billion in FY13. These distributions are subject to shareholder approval in the annual general meeting (AGM) scheduled for February 25, 2015 as well as the approval of the Central Bank of the UAE.

FGB has reported a net profit rise by 18% during FY14 compared to figures from the year before.

FGB’s capital amounts to AED 3.9 billion distributed on 3.9 billion shares at par value AED 1 per share.