First Gulf Bank has announced a Dh1.5 billion (US$408.3 million) payout to shareholders as part of a dividend plan that includes issuing bonus shares to all investors.
The capital's third-biggest lender will pay shareholders Dh1 and distribute one extra share for every share they currently own, after reporting net profits of Dh3.7bn for last year. The result represents an increase of 8.3 per cent from a year earlier and is ahead of estimates.
"The payout was amazing," said Naveed Ahmed, a financial analyst at Global Investment House. "They're a bank that needed a trigger, since the bank's shares were underperforming last year."
No comments:
Post a Comment