First Gulf Bank , (FGB) ended 2013 with record 2013 Net Profits of AED 4.77 billion, representing a 15 per cent increase from AED 4.15 billion in 2012. In the fourth quarter of 2013,Net Profits grew by 19 per cent from AED 1.15 billion in Q4'2012 to an unprecedented AED 1.37 billion. FGB's Board of Directors has recommended the distribution of a cash dividend of 100 per cent (or AED one per share) and 30 per cent bonus shares for the financial year ended 31 December 2013 . This implies a total cash dividend of AED 3.0 billion, up 20 per cent from AED 2.5 billion distributed in 2012. Cash dividends represent 63 per cent of full year Net Profits, yet maintaining a high Capital Adequacy ratio in excess of 17.5 per cent after dividend distribution. The dividends proposal is subject to the UAE Central Bank's approval, to be followed by the approval of the Ordinary General Assembly of Shareholders, planned to be held on 26th February 2013 . 2013 total assets up 11 per cent to AED 195 billion, compared with AED 175 billion at year-end 2012. Supported by this growth, net profits increased by 15 per cent at AED 4.77 billion, from AED 4.15 billion in 2012 Full year 2013 Return on Average Equity (RoAE) increased to 15.8 per cent against 14.8 per cent in 2012 and Return on Average Assets (RoAA) increased to 2.6 per cent against 2.5 per cent in 2012. Full year 2013 revenues stood at AED 8.42 billion, 16 per cent higher than 2012. FGB's loan to deposit ratio stood at 92 per cent, cost to income ratio at 21 per cent, net interest margin at 3.7 per cent and Basel II capital adequacy ratio at 17.5 per cent. Commenting on the bank's performance in 2013, Abdulhamid Saeed , FGB Managing Director and Board Member, said: "FGB's outstanding results for 2013 reconfirm the solid foundation of the FGB business model year after year. Clearly, this achievement is the result of our concentrated efforts to grow a diversified stream of revenues across businesses and geographies. Our profitability is supported by a sustainable growth of quality assets and cost management. I am confident to confirm, that FGB now commands the power of even stronger future revenue generation." Saeed added: " First Gulf Bank is committed to continue offering high returns to our shareholders. Our consistent, solid performance, growing capital and strong liquidity have played a key role in strengthening shareholders' trust in FGB. Over the years, the majority of FGB shareholders are perceived to be long term strategic investors rather than speculators. FGB shares generated a 5-year total return to shareholders in excess of 400 per cent for the period. After the proposed dividend, which represents 63 per cent of 2013's Net Profit, our Basel II capital adequacy ratio would remain in excess of 17.5 per cent, much higher than the regulatory requirement."
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