DUBAI, Jan 31 (Reuters) - Abu Dhabi Commercial Bank posted a 38% rise in fourth-quarter profit on Wednesday, beating analysts' forecasts, after higher interest and financing income, as well as a one-off gain from the sale of its property unit.
Abu Dhabi's second biggest bank also proposed paying a cash dividend of 0.56 dirhams per share for the full year 2023, up from a cash and stock payout in 2022 of 0.18 dirhams and 0.37 dirhams per share respectively.
For the three months to Dec. 31, net profit was 2.45 billion dirhams ($667.14 million), up from 1.78 billion dirhams in the same period a year ago, the bank said in a statement.
Three analysts polled by LSEG had on average forecast net profit for the quarter of 1.97 billion dirhams.
Net interest income in the fourth quarter increased by 17% year-on-year to 3.41 billion dirhams.
The lender divested 80% of its total ownership in Abu Dhabi Commercial Properties in December to Nine Yards Plus Holdings, a unit of investment vehicle Ethmar International Holding, recording a net gain of 490 million dirhams.
($1 = 3.6724 UAE dirham) (Reporting by Hadeel Al Sayegh; editing by Barbara Lewis)
