Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) on Thursday posted a 4% year-on-year increase in profits for the fourth quarter of 2018.

Profits amounted to AED 2.9 billion ($790 million) in Q4-18, compared to AED 2.8 billion ($760 million) in Q4-17, according to the lender’s statement to the Abu Dhabi Securities Exchange (ADX).

Net profits of the UAE’s largest bank by assets rose 10% to AED 12 billion during the full-year 2018, from AED 10.9 billion a year earlier.

Earnings per share (EPS) stood at AED 1.06 for the year ended 31 December 2018, instead of AED 0.96 in the same period the year before.

The bank’s operating income recorded AED 19.4 billion over the course of the previous year, the statement added.

Moreover, FAB’s board of directors recommended distributing cash dividends worth AED 8 billion, or 74 fils per share.

It is worth noting that the bank reported a 16% year-on-year rise in its profits for the third quarter of 2018, logging AED 3 billion.

From January to September 2018, the UAE’s largest bank posted a net profit of AED 9.1 billion, up 12% from the same period last year.

By the end of Thursday’s session, FAB’s stock rose 1.10% at AED 14.71.