First Abu Dhabi Bank (FAB) has approved the distribution of 74 per cent cash dividend. Image Credit: Clint Egbert/Gulf News

Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank has approved the distribution of 74 per cent cash dividend, Dh0.74 per share, implying total cash dividend of Dh8.08 billion.

Registered shareholders of FAB as on Wednesday March 10, 2021 (i.e. buyers on March 8, 2021) are entitled to cash dividends.

“I am proud of what we achieved against the challenging backdrop of 2020, as we made significant progress on our strategic agenda and delivered on our promise to create value for all stakeholders. We are pleased to announce the distribution of 74 per cent cash dividends, totalling Dh8.08 billion for the year 2020,” said Sheikh Tahnoon Bin Zayed Al Nahyan, Chairman of FAB.

All items on the agenda for the Annual General Assembly Meeting were discussed and approved, including the appointment of André Sayegh as a new board member. Shareholders also approved FAB’s financial statements for the year ended December 31, 2020.

“FAB showed strength, resilience and transformation in 2020. In difficult times, we were there for our customers, employees, and communities, and quickly adapted to new market dynamics. We also strengthened our position as the leading and most profitable bank in the UAE, delivering a full year 2020 Net Profit of Dh10.6 billion,” said Hana Al Rostamani, Group Chief Executive Officer at FAB.

Commenting on the appointment of Al Rostamani as the new CEO of Sheikh Tahnoon Bin Zayed Al Nahyan said: “The appointment of Hana Al Rostamani as FAB Group CEO is a historic milestone both for FAB and for the industry, and symbolises the UAE leadership’s vision and commitment to embracing our nation’s great potential. As we enter a new dynamic era, I look forward to working with Hana to deliver the opportunities in front us, and powering lasting prosperity for future generations.”