First Gulf Bank, the third-largest lender by assets in the UAE, beat estimates on Sunday as it posted an 11 percent rise in fourth-quarter profit.

FGB made a net profit of Dh1.72 billion ($468.4 million) in the three months ending December 31 compared to Dh1.55 billion in the same period a year earlier, it said in an emailed statement.

Three analysts polled by Reuters had forecast an average net profit for the quarter of Dh1.46 billion.

The bank also proposed paying a cash dividend of 1 dirham per share for 2015. This compares to a cash dividend of Dh1 per share and a bonus share issue of 15.38 percent for 2014.

For 2015, the bank said net profit was Dh6.01 billion, up 6 percent from 2014.  - Reuters