Abu Dhabi-Mubasher: Watani Investment Company (NBK Capital) set the fair value of First Gulf Bank (FGB) at AED 16.5, with “Hold” recommendation, according to recent statement.
NBK Capital proposed “Hold” recommendation after the bank posted positive financials and the board proposed higher cash dividends for FY15 compared to FY14.
FGB posted profit growth of 11% to AED 1.72 billion ($468 million) in the fourth quarter of 2015, compared to AED 1.55 billion ($422 million) in the same quarter of 2014.
Abu Dhabi-listed bank’s operating income was supported by gains from revaluation of properties.
Loans declined in Q4-15, while deposits inched up marginally during the same period, according to the report.
